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Home » Legal News » How To Handle Increased Costs As A Landlord

November 25, 2019 By Willem Le Roux Leave a Comment

How To Handle Increased Costs As A Landlord

Property rental has always seen as a safe way to bring in a steady income in a world of so many uncertainties, and while it can be a source of consistent income, it is not without its hiccups. The world hardly stays the same or on a projected path, and if you do not prepare correctly, it can leave you in serious trouble.

While you may be happy with the arrangement you have your tenant now making a healthy profit or servicing your bond on terms you see as favourable, it might not always be the case.

Situations that could change your cost of owning a home

Certain situations could lead to increased expenses for you as a landlord, such as:

  • The municipality revalues your property, and the escalation means a dramatic increase in rates
  • Insurance on your thatched investment property goes through the roof
  • Increases in levies on your sectional title property

As a landlord, would you be prepared for the increase in costs? Do you charge a healthy market rate with a margin you can manage or will you need to seek out a new tenant arrangement or new tenants entirely?

Can you increase the rent?

A landlord may not increase the rent in any way during the lease period. A landlord will have to provide provision that the increase was agreed to and included in the lease before it was signed, if they are to increase a tenants cost of living.

Increasing rent isn’t immediate

A landlord facing increased costs might be tempted to increase the monthly rental at renewal time, but they are required to give the tenant no less than two months’ (40 business days’) notice of an increase. Which means you still need to have funds available to cover the shortfall even if your tenant agrees to the rise in rental costs.

Plan talks with your tenant

The best option is to be open with your tenant and let them know what the situation is since both your lives will be affected by the increase in costs. Let them know that you plan on increasing the price of rent come renewal time so that they can either prepare themselves for additional costs or look for cheaper accommodation.

Make sure your eviction process is legal

Evictions are never easy and should always be seen as a last resort, always try to come to terms with your tenant before moving into the legal process of eviction. If however, you feel like you have no choice, it is best t contact a professional eviction lawyer who can guide you through the process of a residential eviction. 

Contact us

If you need advice on your eviction case or would like us to represent your eviction case, get in touch with Le Roux Attorneys

Recommended reading

  • When May A Landlord Cancel A Lease in South Africa
  • Costs That Can Eat Into Your Rental Income
  • How To Decide If You Should Rent Or Sell Your Property?
  • How Rental Deposits Should Be Handled

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Filed Under: Legal News Tagged With: Landlord, Property, rental, residential eviction

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Company Profile

Le Roux Attorneys Inc. is a Cape Town based law firm specializing in residential, corporate and farm evictions. We are members of the Law Society of the Cape of Good Hope as well as the Attorneys’ Fidelity Fund, guaranteeing clients both expert assistance and the peace of mind that all funds held in trust are securely underwritten by a certified statutory body. Le Roux Attorneys' immigration division trades as SAvisas.com and assists companies and individuals with their South Africa visa requirements.

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