Don’t push the friendship: Leasing to family and friends
- Posted By Frank Pang
Don’t push the friendship: Leasing to family and friends
It all seems simple enough: you have a property and you’ve also got a friend or family member who’s willing to lease it from you directly. You don’t need to bother with a property manager, right? Wrong.
In a perfect world, every lease between friends or family would be a simple affair – but in the complex real world, ‘freestyle’ leasing and attempting to manage a property yourself can be a very costly mistake to make.
All too quickly, friendships are soured … and they’re the least of your worries. What happens if your casual tenant repeatedly fails to pay their rent on time? What happens if their girlfriend/boyfriend/sub-tenant moves in unbeknownst to you? Should there be a kitchen fire, or the home is robbed, or they simply fail to clean the bathroom for a year resulting in damage to your fittings and fixtures: who is responsible? What if they take you to a tribunal for negligence?
DIY property management is a dangerous trap we recommend no landlord fall into – even when your tenant is a friend or family member.
Not sure how to lodge a bond or unsure of local legislation in relation to tenancy laws? Contact one of our property managers to avoid the heartache and risk of DIY leasing.
Frank Pang
0433 388 898
"Welcome to our real estate blog! I'm Frank, Director of BOLD, with 15+ years in Melbourne's property market. Here, we share insights, tips, and market updates to help you make informed real estate decisions. Catering to investors and first-time homebuyers alike, we're excited to have you join us. Reach out with any questions, and let's navigate the property world together!"
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