Minimising your risk as a lessor

Landlord protection insurance will provide you with peace of mind and ensure that you are protected in that unexpected situation for loss of rental income or property damage. Landlord insurance is a tax deduction. When choosing a landlord insurance policy, it is important to carefully read the terms and conditions.

You should speak to a qualified insurance professional regarding which policy provides you with adequate cover.

Building Inspection
It is recommended that you engage a professional building inspector to conduct a thorough inspection of the property to detect any potential building defects.

Engage Qualified Tradespeople
When carrying out maintenance at a property it is important to utilise a qualified tradesperson who is licensed to carry out the work and who has adequate insurance to protect you against poor workmanship in the event of a tenant injury from the work carried out.

Promptly attend to maintenance and repairs
By promptly attending to maintenance you are reducing the risk of possible tenant injury and preventing a small repair from becoming a larger one.

Budgeting: upgrading & improving a rental property
Over a period of time rental properties need to be upgraded. Taking the time to prepare a budget on your investment property will help you estimate the annual income against expenditure. You will also be able to put aside a set amount to save for maintenance and property improvements.