As we approach the end of 2023 and look towards 2024, it would be wise for all landlords to plan ahead and ensure their rental properties are well-protected.
Being prepared isn’t just about peace of mind; it’s about safeguarding your investment and ensuring a steady, hassle-free income.
Here are the top five must-haves for landlords to protect their rental investments in 2024.
- Rent and legal protection: It’s important to cover both bases – insurance that secures your rental income and covers potential legal costs. With this protection, you can confidently navigate tenant disputes or rent arrears, knowing you’re financially covered.
- Boiler cover: The last thing you want is a call from your tenants about a broken boiler on a dark winter’s night. Boiler cover is essential for quick repairs without the hefty price tag. It keeps your tenants warm and happy and prevents you from scrambling to find a last-minute, often more costly solution.
- Comprehensive insurance: Standard home insurance might not cut it for rental properties. It would be best to have comprehensive landlord insurance, covering everything from property damage to liability claims. It’s an important safety net that can save you from unexpected financial blows.
- Trusted tradespeople contacts: A list of reliable and trusted tradespeople can be a lifesaver. Knowing who to call for quick and efficient repairs keeps your tenants satisfied and your property in good shape, whether it’s a plumber, electrician or general handyperson.
- Thorough tenant references: Last but certainly not least, always conduct thorough reference checks on potential tenants. This helps ensure you let your property to reliable, responsible individuals, reducing the likelihood of rent arrears and property damage. A good letting agent can help you here.
By focusing on these key areas, you’re protecting your property and paving the way for a successful, less stressful and more profitable 2024.