Hi All,
I will be relocating overseas next year, will be renting out my PPOR (Townhouse). Couple of questions
1.) should i get a landlord insurance or house insurance?
2.) if a property manager is looking after my property, can i divert all my mails to this property manager? who in turn mail to me overseas?
3.) if qns 2 is impossible, anywhere for me to redirect all my mails to my overseas address, such as Mortgage, Bank, BodyCorp, Council Fees? Or can all these (Mortgage, Bank, BodyCorp, Council Fees) be sent direct to my overseas address, so long i update my overseas address?Much appreciated for any kind replies.
Cheers
NitHi Nit,
To answer question 1, I would say both. House insurance to protect the house, and landlord insurance to protect for loss of rent, damage etc. Landlord insurance is not expensive, and well worth the peace of mind. Especially if you will be a long way away from the property.
I think some agents will handle the rates, water rates etc for you. You'll have to check with your agent.
As for the mortgage statements, most banks now offer electronic statements. it may be easier to download the statements from the banks web site.
Dan42 wrote:Hi Nit,To answer question 1, I would say both. House insurance to protect the house, and landlord insurance to protect for loss of rent, damage etc. Landlord insurance is not expensive, and well worth the peace of mind. Especially if you will be a long way away from the property.
I think some agents will handle the rates, water rates etc for you. You'll have to check with your agent.
As for the mortgage statements, most banks now offer electronic statements. it may be easier to download the statements from the banks web site.
Thnx Dan,
1.) mine is a townhouse, common property is under Body Corp, which already has gotten insurance. So, shouldnt i just purchase a landlord insurance to cover the inside of the Townhouse?
2.) thanks, will check with agent, was looking at Auspost redirect services, it is not cheap for overseas redirect. It costs $407/year (AsiaPac).
Cheers
NitHi Nit,
1) you should purchase landlord insurance that covers problems in the tenancy (eg. damage, rent defaults) AND contents insurance to cover the internal parts of the property. For example, if the roof leaked, the body corporate would fix the actual roof but would not replace your ruined carpet, so you can claim it on your contents insurance. most landlord insurance companies can provide a combined cover.
2) I would ensure you receive most things by email, have your PM pay all rates and receive body corporate notices etc and have a family member sort through the rest – not included in a PM's duties to sort through your private mail to see what is worth sending!
Try this one http://www.sosmail.com.au/
They can even scan your mail for you.Maybe it is best to get a family member to get the mail and then only forward the essential ones.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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