As a new landlord, your portfolio of properties will just be getting off the ground. One thing that you need to consider from the very outset is taking out property maintenance insurance. Whether you have one of one dozen rental properties, you should never be without insurance. Taking care of your properties is something best left to a property manager. Read on to find out how you can achieve this without eating into your budget.
Property Maintenance Insurance : Why you Need It
As a landlord in the UK you have responsibilities to your tenant. You must supply a home that is habitable, has running hot water, heating, and much more. You will also be responsible for carrying out maintenance to your property. What maintenance you are responsible for and what your tenant must do should be clearly stipulated in your tenancy agreement. Never make the mistake of drawing up this document yourself. For a legally binding agreement, use the services of a reputable property management team.
The reasons you need property insurance are quite clear. You cannot leave your tenant without heating or hot water. Nor can you expect them to live in a home that is not habitable after a fire, flood, or other disaster. Whereas you can hold off on repairs to your own home until a time you can afford to do them, you cannot do this with tenants. If a boiler breaks down, you need to have it fixed straight away. One way to ensure you always have the necessary funds to carry out repairs is to take out property maintenance insurance.
Taking out insurance for your property portfolio will ensure that you can make timely repairs, and maintain your reputation as a landlord. The type of insurance you need will depend on the usage of the properties you own and many other factors. To make sure you take out the correct type of insurance, use the services of your property management. Insurance policies for new landlords are affordable, flexible, and can grow as and when your portfolio does.
Repairs to Your Property
To ensure that repairs are carried out in a timely manner, choose a package that includes preventative and routine maintenance. Even if you have the funds to make repairs, you will not have time to do them yourself. When your properties are managed by a professional team, all this will be taken care of. Bristol Builders Network can supply you with a management team. A team of experts who will take care of all aspects of your property management and maintenance.
Becoming a landlord comes with huge responsibilities. You must prepare for the worst. If a neighbouring home is fire damaged, as a landlord, it will also be your responsibility to rehouse the occupants of your property whilst repairs are carried out. Although this may be one of the worst case scenarios, even small repairs can be a headache if you don’t have insurance or a property maintenance team. For a portfolio that will bring you a healthy ROI, take out landlords insurance, and make sure the policy you take out covers you for what you need.