Getting the Most Out of Your Rented Property
RentPro property management software helps you to keep track of maintenance and with its alerts ensures that regular safety checks and inspections are not overlooked.
In the current economic climate, buy-to-let properties are an increasingly profitable investment. As a landlord, it’s vital to take out specific landlord insurance, rather than ordinary home and contents insurance. This is in order to fully protect your property, otherwise you may find yourself liable for additional costs if something goes wrong, even if it is not your fault.
Household emergencies can happen when you least expect it so always safeguard your investment just in case.
Here are a few ways to both protect your property, and maximise the return you can receive:
Maintain the Property
Tenants have the right to live in a house in a good state of repair, so make sure everything is working properly. As you the owner may not be living in the property, arrange for regular drain repairs and services. Try and be proactive in the approach to any problems, rather than reactive. Fix faulty electrics as soon as you notice a problem and get your boiler checked annually. If anything goes wrong with the boiler or pipes, or any other issue such as a blocked toilet or sink, call in an emergency plumber and get anything fixed as soon as possible. There are a few companies offering a truly 24/7 emergency response service with no call-out fee, so you can be assured that the inconvenience to your tenants will be minimised. Additionally, you could smarten up the exterior of the house by installing new windows and doors to create an immediately favourable impression.
Ensure all gas appliances are safe
The Gas Safety (installation and Use) Regulations 1998 require landlords to provide gas appliances that are safe. Therefore you must have all equipment checked by a Gas Safe Registered engineer and obtain an annual CP12 certificate. This proves your appliances have been inspected. Failure to comply can lead to a costly fine and it could mean that your property is left being empty for a prolonged period of time, rather than occupied by paying tenants.
Fit smoke alarms
According to Government statistics, fire alarms in a home are vitally important in keeping your family safe and secure. Therefore you must install a fire detector on every floor and ask your tenants to test them regularly. Many fire and safety services will even do an audit of your property and fit the alarm for you, so don’t hesitate to seek help and advice on this issue.
Protect against thieves
It is worth installing locks on every door and investing in door chains for extra security. Put padlocks on sheds, garages and gates and make sure the relevant keys are provided. If possible, have your windows double-glazed and have a burglar alarm installed.
While this may seem like additional expenditure, such precautions can often help bring your insurance premiums down.
Article from MarketWatch.com