Why should I take out insurance?

What would you do if your property became uninhabitable due to a major incident? Many people assume their Landlord or Estate Agent will provide alternative accommodation should their rented property be fire damaged, water damaged etc however this is not the case.

It is common for a tenant to overlook taking out an insurance product to cover them as this is normally associated with buying a property, as well as this most tenants will assume most things that are important are covered by their Landlord.

It is definitely worth speaking to your current agent about what they can offer you in regards to Tenants Liability insurance – hair straighteners on the carpet, spilt drinks, children drawing on the walls – accidents can happen in anyone’s home and an insurance product such as this covers you should anything happen.

Obviously, you will normally have paid a Security Deposit when you first collected the keys, however this does not stretch very far in terms of repairs and should the damage stretch beyond this you could be taken to court for the rest of the cost of the damages – not to mention it is obviously preferable to receive your bond back in full!

How can I increase the rental value of my property?

The question on every landlord’s lips, new or experienced – how much can I get per month? How can I get more? 

We can sugar coat it and say we do it to give people a place to live, because it’s a hobby, it’s a project – but the bottom line is because it is an investment and the best investment requires the best return, to make it the best investment.

Something to consider when letting a property is the type of tenant you are attracting and who your target audience are. Every landlord would prefer a respectable single person or family, paying rent on time every month and looking after the property as if it was their own. This type of tenant is out there, however it is important to think about the quality of your property inside and out, when expecting a quality tenant.

A tenant is more likely to look after your property if damage would be completely obvious if it happened. For example, let’s imagine for a second there is a cupboard door slightly off its hinges in your kitchen – do you think a tenant would think twice if another was knocked and was hanging off? What about the carpets, if they have stains here and there – would a tenant care about spilling something? 

If your property is above a certain standard and the care and attention you have put in is apparent, you are sure to attract a better calibre of tenant that is willing to pay more per month, and much more likely to stay for a longer term meaning less re-letting fees, less void periods and much less refurbishment between tenants.