A person who earns money knows the value of a single penny. No one wants that his investment should go in vein. Even it is a small investment everyone wants that it should remain safe and secure always. As we are always very concerned about our smallest to small investment how we could ignore the biggest investment which is done on property.
Table of Contents
Property investment is the biggest investment for any individual. A man invests the savings of his lifetime on a property. He has many hopes and desires with the same. Whether he is getting the property for personal occupancy or he wishes to take benefit of it by renting it, the investment made in property is always the valuable one.
Property investment is valuable but in the meantime it is the most risky investment too. And it is all because of the legal aspects of a rental property. If you want that your property should remain at the safest side then you need to keep a close watch on it always and every time. For the safer side you can hire a property management company for the task, but this again won’t assure you for complete coverage.
Until and unless you should your own personal interest on property, you could not keep it at the safest side. Today in this blog, I am going to tell you something very much important for your property investment. I am here with the tips that will help you to keep your rental property at the safer side always. I am sure that you are going to get a good knowledge by the end of the blog.
Ensure the property’s condition and its value by conducting routine walk thorough, carefully screening your tenants, and take care of maintenance issues quickly (this will keep good tenants and lower your overall maintenance costs). Review your insurance coverage periodically, to make sure you are legally and financially protecting your property.
Regular Inspections Protect Your Investment
Just because you have hired a reputed and expensive property management company to look after your property doesn’t ensures that everything is safe and secure. You need to show your personal interest on the property and this would come with the regular inspections. Before your tenant moves into your home, a must is to conduct a detailed move-in inspection that accurately documents the condition of the home. No detail is too small. Take pictures of the inside of each closet, make notes about any wear and tear on the carpet or the paint and have a clear picture of what the home looks like before the tenant moves in.
At the end of the lease term, you’ll do the same detailed inspection and you’ll compare the two reports. That will tell you what kind of damage, if any, was done, and what you can do to use the security deposit towards those damages. You should do some periodic walk-throughs throughout the lease so you can be sure the property is being maintained and the tenant is following the terms of the lease. But here, you need to consider the laws too. You should give prior notice to tenant before making a walk through into the property for inspection.
Preventative Maintenance to Keep Costs Down
Finally it is your property and you need to take the right and corrective measures for the same. You should make preventive maintenance. This would ensure that the maintenance cost is down. Use the inspections as well as periods of turnover to make sure that all of your systems are running smoothly and there isn’t any deferred maintenance that has developed over the months or years. A proactive approach to maintenance will keep your costs low and your returns high. For instance, you should check out for leakage in sewage every year to know everything is working properly. Have your air conditioning system serviced annually so you can extend its lifespan and avoid expensive replacements.
Thorough Tenant Screening
If you are looking for the best means to protect your property then definitely it is tough tenant screening. If the tenant is good then everything in your property would be better and best. The best tenants have a history of treating their rental homes well. They pay rent on time and make your life easy. You need to spend some quality time of yours to screen the tenant. It is actually necessary too. Tenant damage is usually a result of landlords not screening their tenants. If you have no idea who is moving into your property, you’re putting yourself at risk.
Maintain Adequate Insurance
This is definitely the smartest ways to protect your property. Insurance always keeps you in a risk free zone and when it is about your rental property then insurance becomes must. Develop a good relationship with your insurance agent, and make sure you are adequately covered. At a minimum, you need a landlord insurance policy that will cover your property as well as any rental income that may be lost if you suffer a catastrophe and your tenants need to move out. You also need liability coverage. We recommend that you ask your tenants to carry renter’s insurance and it’s very important that you only work with vendors who are licensed and insured.
The Bottom Line
Bad things can happen even if you are prepared very well. These are the points to alarm you. So that you should check and verify each and every aspect of property management. Prevention is better than cure and the tips that have been mentioned above are the preventive measures to save you from any problem in future. If you are prepared well for the challenges then you can meet them well. Hiring a qualified property management company would take away all your worries. You can enjoy your rental income in this way with a complete peace of mind.