If you’re new to the property investment market in 2022, congratulations! It is an exciting time, and a new investment deserves plenty of care and attention, even though getting over the settlement may have felt like the most significant hurdle. Here, we outline five steps that can make your journey as a landlord a little easier.
- Landlord Insurance. This may seem like a no-brainer, but ensuring that you have a policy in place that covers all the required elements can save a lot of heartache if things go wrong. Points to consider include legal liability, tenant-related issues like lost rent, reletting or damage, pet damage, water damage or flooding. Make sure the policy fits with the needs of the property, and ensure you conduct annual reviews to make sure you’re not under-insured.
- Keep abreast of any changes to the law. 2020 and 2021 saw plenty of legislative changes to landlord and tenancy laws, including temporary moratoriums on evictions, or the now-permanent domestic violence provisions in tenancy law. Remember, these fall under state legislation, so it’s worth checking with the relevant authority in your state to keep you up to date.
- Get some help when it comes to picking tenants. A great Property Manager can make all the difference when it comes to screening your tenants to ensure you’ve got the best possible occupants in your new property. Difficulties like financial hardship, damage by guests, or fixtures going missing can arise, and it’s best to have a professional PM on your side who knows the ins and outs and legal requirements.
- Plan for the unexpected. Maintenance should be a regular feature of your investment property schedule, and it can help prevent any insurance policy issues. Sometimes, things go wrong, so when they do, make sure you have a list of contacts who can repair any urgent matters if they arise.
- Keep investing! It might feel like the hard part is done, but regular investments in the property by way of maintenance, time and attention can make all the difference to the longevity and value of the property.