WHEN committing large sums of money to an investment property, it is important you take the time and money to protect your valued investment in case a problem arises.
Landlord protection insurance ensures you are protected in the unexpected situation of loss of rental income or property damage.
Landlord insurance is taxdeductible and provides peace of mind against any risks you may face.
While insurance is the best way to protect your investment, other practical devices are just as important.
For example, does your property have an electrical safety switch and smoke detectors?
These are relatively inexpensive and allow you to provide a safe environment for your tenants and could prevent serious damage to your property.
It also is a good idea to have a pest inspection carried out annually. For a minimal fee, you will have peace of mind that your property is protected and safe from harmful pests such as white ants.
A yearly building inspection is recommended to detect any potential defects. When maintenance is needed, you need to attend to it promptly to reduce the risk of possible injury to tenants and avoid a small repair becoming a large, costly one.
When carrying out maintenance, it is important to hire a qualified, licensed tradesperson.
More hints and tips can be found at www.reisa.com.au.