Tips to Protect your Property Investment
Whether you’re becoming a landlord for the first time or just looking to maximise the income from existing properties, there are a number of things you can do to protect your investment.
Here we’ve got a few tips to ensure your investment remains profitable.
Make sure you’re covered
Landlords building insurance covers a variety of things. The walls could have an attack of mould or the pipes could burst in the cold winter. You could end up serving a notice of eviction on bad tenants or you could lose your tenants through property damage caused by a fire. All of these issues will cost you money and cause a loss of your investment. When operating as a landlord, insurance for landlords is the first thing to tick off.
Increase the energy efficiency
Maximising your property investment isn’t just about renting it out to tenants it’s also about knowing when the right time is to sell and making sure you get the best possible price when the time comes. There are various cosmetic things you can do to the property to make it look more appealing to potential buyers, but an important issue is ensuring it’s as energy efficient as possible. At the very minimum make sure you have adequate insulation installed, but really have a think about added extras which could bump the price up, like solar panels and heat pumps.
Keep it fresh
If you’re looking to cash in on your investment by selling or keep the money coming in with new tenants it’s always advisable to keep the property looking fresh. In the case of seeking new tenants choose things which will keep the costs minimal, but improve the look of the property no end. These can include professional carpet cleaning or a little garden maintenance. If you’re looking to sell, think bigger and take a serious look at what can be done in areas such as the bathrooms and kitchen.
Choose tenants wisely
When looking to maximise your income on your property investment it’s not just about getting any tenants in, it’s about getting the right tenants in. Make sure you ask for references, run credit checks and even insist on a guarantor. You may think it’s a bit extreme and it may take a little longer to get the tenants in the first place, but it’s important you do everything you can to ensure your tenants can and do pay the rent on time.
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