Advice to Landlords In Zimbabwe

In most cases, property is your biggest investment and it is important to ensure that if you rent it out, it will be taken care of. So often, tenants devalue your property by their mistreatment, neglect and abuse of your most prized possession. If you are a non-resident landlord, it is essential to employ a reputable estate agent to manage your property and protect your investment.

Most estate agents do inspections at the start and end of a lease. But, a good agent will do random inspections, in order to check that the property is being maintained: the pool should be full and blue, the garden should be cared for and the house should not be overcrowded or unclean. It also helps to identify potential problems early on, if inspections are done regularly.

A good agent will also ensure that all utility bills are paid up to date. At the moment, in Zimbabwe, so many homeowners are in arrears with their utility bills that City of Harare is now taking legal action and trying to attach the properties which are in arrears. Can you imagine your shock and horror, if your property is taken from you because of unpaid bills that you thought your tenants were paying??? It doesn't bear thinking of!

Choosing the right tenant from the onset is ESSENTIAL, as the Rent Board in Zimbabwe favours the tenants and it is very difficult to have them evicted even for the non-payment of rent and utility bills. The Rent Board will also decide what is a fair rent, if the rental is ever disputed. These rent dispute cases can take years to come to court and in the meantime, you, the landlord will be earning a pittance on your rental. The right Estate Agent will vett all potential tenants and do credit checks on the prospective tenants so that you have as informed a decision as you can possibly make about the people who will be living in and caring for your valuable asset.

At the moment, without first seeking approval from the Reserve Bank of Zimbabwe, all rental revenues are legally permitted to be remitted to anywhere in the world that the landlord resides. So, investing in Zimbabwean property for lease is an excellent way to secure your money and earn a passive income from anywhere in the world, as long as you have a great tenant and a fantastic agent! There are no restrictions on foreign investors buying property in Zimbabwe. The property market has continued to appreciate on a consistent basis since 2000. So, if you have money to invest, property in Zimbabwe is a very good option. You will get a fantastic return on your money, and when you eventually sell, you will be able to remit your money back to the country of origin, provided you have followed the correct process to bring the money into the country initially.

For advise and help with residential and commercial leasing, contact Page Properties. www.pageproperties.co.zw

Make money in your sleep...

We all know that investing in property is a good way to secure your money. In today’s world, banks are not a safe option and investing on the stock market is highly risky and you are more likely to lose money than make money. Experts now agree that not only is investing in property a good way to secure your money, but it is now considered one of the best ways to make money while you sleep…passive income! Passive income is the way the richer get richer. The rich all own property, that is not a coincidence, it is a careful business strategy. With your investment doubling every 7 years, one would be crazy not to put your spare cash into property.

Going back to Location! Location! Location! -  if you buy property in the right area at the right price, you will see your investment grow in value. Property prices fluctuate far less than other investments and are not as susceptible to cyclical fluctuations as shares on the stock market. Property has always been a great way to secure loans or mortgages for your business as it is a tangible collateral and far more acceptable than share certificates or bank balances as both of the latter can be lost overnight!

So how does property make you rich:

•   Its value appreciates between 5 and 20% per annum depending on where it is in the world. Prices in Southern Africa have had the biggest appreciation year on year than anywhere else in the world. You don’t have to actively improve your property for it to appreciate in value. You can buy it and sit on it and it will quietly make you money while you sleep.
• Buy bargains and wait a few years and sell for a sweet profit. Look out for up and coming areas and have the foresight or seek advice on the best areas to buy in order to see a big return on your investment.
•   Rental income on your properties not only gives you a monthly income, but it can be used to pay off the mortgage if you bought the property through the bank. There are lots of scheme in Europe and Great Britain which are specifically designed for this type of property investment. "Buy to Rent", as the schemes are called, are designed for the property investor who does not have all the cash upfront. The bank lends you most of the money and your tenants service the bank loan. That’s how to get rich with someone else’s money!
•  Houses can be bought to renovate and resold quickly. Remember not to overcapitalize or personalize the homes too much, as this limits the pool of buyers. Look for cheap houses in good areas and do them up for a quick turnaround profit.

Property is by far the best investment to make. Your money is secure, it is tangible and it makes you money if purchased at the right time in the right place. Remember there are not enough houses to supply the ever growing population. When demand outstrips supply, prices will escalate. With a new surge of returning residents from the diaspora, the demand for property is increasing in Zimbabwe. Now is the time to buy property, and sit back and make a sweet mint on your investment.