Lumaktaw sa pangunahing content

Costly Mistakes That Landlords Need to Avoid

Having an investment property can be smart move financially – property generally increases in value over the time and you can benefit from a regular rental income. However, you need to be smart about things if you want to make the most of your investment. From forgetting about landlord insurance to choosing dodgy tenants, it’s easy for landlords to make mistakes which could cost a lot of money in the long run. Let’s look at some of those mistakes so you can avoid them in the future!

Not screening tenants properly

Even if certain tenants have given you a great first impression, you need to make sure you do the right background checks to back up your decision. This process can save you a lot of pain in the long run so ask for references from employers and from previous property managers. If a potential tenant has had numerous addresses in the past year, ask them why and try to speak directly with the last property manager to get more information.

Not maintaining the property

A common mistake that landlords make is failing to put enough effort into maintaining the property. Even if you only purchased the property for land value, you need to remember that you want to attract good quality tenants and the best way to do this is have a property which presents well. If you give the property a coat of paint, install new carpets and generally keep it looking good, you’ll likely be able to achieve higher rent rate.

Not increasing rent over time

When you initially settle on a rent price, don’t just set and forget. It’s normal for rent to increase over time so keep an eye on what the rest of the market is doing and adjust your rental price as necessary. Reviewing your rent prices on a regular basis is preferable because it means you can increase your rent in small increments – your tenants won’t appreciate a sudden, massive increase in price!

Not having landlord insurance

It’s essential that you have landlord insurance in place to protect your investment. Even if you have the best tenants in the world, things can go wrong and you need to make sure you’re protected. From theft and vandalism to rent default and accidental damage, your landlord insurance covers you for a range of different scenarios which could see you seriously out of pocket if you don’t have the right cover.

GSK Insurance Brokers will work with you to find landlord insurance Australia which protects your investment and gives you the ultimate peace of mind. We understand the unique set of risks that you face as a landlord and will ensure that your risks are covered with a comprehensive insurance package. Let us protect you today!

If you’re looking for the best landlord insurance for your situation, contact the team at GSK Insurance Brokers today on (08) 9478 1933.

The post Costly Mistakes That Landlords Need to Avoid appeared first on GSK Insurance.




Read full article here:Costly Mistakes That Landlords Need to Avoid
via https://www.gskinsurance.com.au/

Mga Komento

Mag-post ng isang Komento

Mga sikat na post sa blog na ito

Professional Indemnity Insurance for Real Estate Agents: Why Do You Need It?

Being a real estate agent means you have an exciting and dynamic job – you can be your own boss, earn a great income and have a flexible work schedule. However, there are certain unique risks that you face which can leave you vulnerable. To give you peace of mind, you should ensure that you have professional indemnity insurance in place to protect yourself financially against claims from third parties. What is professional indemnity insurance? Professional indemnity insurance is designed to protect you if a third party suffers a loss as a result of your professional actions. This could be due to an act, error, omission or breach of professional duty. For most professionals providing a service, including real estate agents, you should have indemnity insurance in place to protect against the financial impact of claims. Not only can indemnity insurance cover part of the costs relating to successful claims, it also provides the means to pay for legal bills involved with the claims proce...
Mag-post ng isang Komento
Magbasa nang higit pa

Who Needs Professional Indemnity Insurance? – Not Me, Right?

Professional indemnity insurance is one of those things that a lot of professionals assume doesn’t apply to them. After all, you’re not a doctor or a lawyer – why would you need it? The truth is that many professionals should have indemnity cover in place to protect them if something goes wrong. Today, we’ll be looking a little closer at professional indemnity insurance and who needs this cover in place. What is professional indemnity insurance? If you provide professional services or advice as part of your job, chances are that you’re going to need professional indemnity insurance. Indemnity cover will protect against the cost of damages or legal bills following a legal claim from a third party if they suffer damage or loss as a result your professional actions. This loss or damage could be the result of an act, error, omission or breach of professional duty. Without indemnity insurance in place, you wouldn’t have any financial protection if a third party decides to take legal acti...
Mag-post ng isang Komento
Magbasa nang higit pa

Adding Up the Cost – What Factors Affect Your Landlord Insurance Premiums

There’s no question that you need landlords insurance if you have a rental property – you face a unique set of risks when you have a tenanted property and insurance provides you with financial peace of mind. But how much will your insurance policy cost? There are a number of factors which can impact on your landlord insurance premiums – let’s take a closer look so you know what to expect. Factors the impact cost When it comes to your premiums for your landlords insurance , your insurer will take into account a number of factors, including: Crime rate – Your insurer will consider the crime rate in the area where your rental property is located so you need to consider this when purchasing a property for rental. In areas at high risk of burglary and related crime, your premiums may be higher. Natural disaster risk – If you’re house is located in an area which is susceptible to natural disasters, this may impact on your premiums. For example, if your home is located in an area whic...
Mag-post ng isang Komento
Magbasa nang higit pa