Waterlooville Landlords - A guide to keeping your investment safe
Getting the tenancy set up correctly to protect your investment isn’t where it ends, heres a guide on how to protect your investment:
Change the locks between tenancies
Treat the security as you would your own home - tenants have the right to see safe and secure in the property they rent.
Make sure the tenants are clued up on the safety measures of the house
How to set the alarm
Where the window keys are kept, what window keys fits what window if different styles
Don't patronise the tenants but teach them some safety measures they can easily install
not to ‘hide’ a key outside
leave lights on a timer when they aren’t at home for long periods or go on holiday
get a relative to check on the property every few days when they are on holiday - especially to pick up any mail laying on the door mat
Landlords insurance you would think would be fairly generic from company to company, but it isn’t! a few tips to look out for to make sure it includes:
Contents cover as well as buildings
I personally always recommend landlords to take out a rent & legal cover, this does as it says on the tin, the insurance company will pay the rent if the tenants stop whilst the eviction process is going through as well as covering and legal costs required to evict the tenants. This is a great policy to have and is normally fairly inexpensive for peace of mind. You never know when the tenants circumstances may change leaving them unable to pay the rent. The minimal cost you will spend each month will be worth it’s weight in gold if the worst should happen and you need to use the legal route to evict a tenant.
Other tips to keep your investment safe are things such as:
Do regular inspections - as well as doing an overall check of the property always check for any slipped roof tiles, overflowing guttering, blocked drains, condensation and mould
Be attentive to repairs - don’t always go for the cheapest option, this can lead to further issues down the line and cost more in the long run
Good communication with the tenants
Keep records of all correspondence
Do everything by the book - make sure all health and safety obligations are met and don’t give the tenants any cause to call the council and report you
Do a detailed inventory of the property the day the tenants move in and get them to sign to agree to the contents of the report
I hope the above tips have been useful, if you should have any property related questions please don’t hesitate to get in touch.