5 Steps To Take After Purchasing Your First Investment Property
If you have just successfully acquired your first investment property, you’re probably already thinking of making renovations or ways to secure a tenant. However, before you get ahead of yourself, there are some important steps you will want to take.
Insurance
Do you need landlord insurance? Explore coverage options that are best suited to your needs. Some basic coverage to consider are protection in events such as loss of rent due to a tenant’s rent default, contents insurance, natural disasters, and more.
Property Management
A Property Manager can care for your investment property on a truly professional level. They will find you the right tenants, oversee legal and maintenance issues, and essentially save you a lot of time and stress. A good Property Manager will also be able to help maintain and even increase the value of your investment property.
Security
Go over security of access points of the property. Change the locks and have spare keys made. Reset the codes for electronic locks and doors. Inspect and test smoke detectors to be sure they are compliant with legislation.
Maintenance
As a Landlord, you want to stay ahead of issues by having plans in place for common maintenance issues.
Remember the location of the main water shut-off valve in case of burst pipes and as well as the location of the gas shut-off valve. Prepare a list of emergency contacts and tradespeople, such as a plumber, an electrician, your insurance agent and utility companies.
Check what needs repairing and list them by priority. Also see if certain repairs or renovations can be made to increase your rental return.
Documentation
Store digital and physical copies of important tenancy documents. Make sure you always have key documents on hand, such as insurance documents, tenant contact details and lease agreements, and management agreement with your Property Manager.
For your free investment property health check, please contact 07 3123 7373 or lauren@rentalresults.com.au
