When renting out a private property, there are a million and one things to consider – where to advertise your property online, how to set the rent, whether to provide the property fully furnished, part furnished or unfurnished, how to reference and credit check prospective tenants and whether to employ the services of a property management team or go it alone. In with all of these demands and the legal responsibilities associated with being a landlord, lays the need to protect the property (and your wallet) from potential damages caused by tenants.
Social commentators predict that this summer will see a renaissance in garden and street parties as the nation comes together to celebrate the Queen’s Golden Jubilee, The London 2012 Olympics and the Euro2012 football competition. While you can’t prevent your tenants from inviting friends round to enjoy the festivities, you can protect your property and instill safeguards to ensure you’re not out of pocket should the parties, BBQs and celebrations result in damage to your investment property.
Whether you have rented a private property on a long term agreement or are renting your property for the Olympics on a short term basis, getting the right insurance policies in place can make dealing with damages in the aftermath much less stressful and less expensive. Important policies to consider include comprehensive contents insurance, an emergency assistance service and accidental damage.
While things such as broken windows, stained carpets, broken kitchen cupboards and ruined gardens are not uncommon, you can take steps to make your property more party-proof, reducing the likelihood that you’ll need to make a claim on your new insurance policies. Tips such as using washable paint which can simply be wiped over with a damp cloth to remove dirt and spills can be carried out on a very small budget but can make a big difference to the property maintenance even if tenants regularly have people over.
Other hints such as using dark, hardwearing carpets on areas like the stairs and hallways or even installing laminate or durable vinyl floors that can be swept and mopped can keep maintenance costs low in the long term by avoiding the problem of stained carpets that will need to be replaced at the end of the tenancy.
If despite your best efforts, tenants parties continue to get out of hand and result in unreasonable damage or mess, a formal written letter should always be your first course of action followed by subsequent regular inspections to check the state of the house or flat.
Having helped thousands of landlords to rent out their properties, I Am The Agent, a fixed fee letting agency, advises that ultimately, the best defense is a good offence. The online agency can provide comprehensive four point tenant checks and offers a fixed fee property management service. Ideal for landlords who don’t have enough time on their hands to carry out repairs, make inspections and ensure parties don’t get out of hand, I Am The Agent’s fixed fee property management is a quick, easy and affordable way to achieve peace of mind that any investment property is maintained to a high standard.