How to deal with emergencies as a landlord

Landlord Expert
By Landlord Expert January 23, 2013 13:41

How to deal with emergencies as a landlord

Renting out a property is a great way to have a regular income. Whether you're looking for some extra cash each month to supplement your wages or looking at renting as your sole source of income, it’s an excellent means of giving yourself consistent revenue.

There are all kinds of reasons to rent your property out. Perhaps you've bought a new house but don't want to or can’t sell your current one. You might have inherited a property which you want to keep but don't want to live in. Or perhaps you and your partner are buying a home together and want an extra income from your existing house or apartment. Whatever your reasons for extending your property portfolio, it's an exciting and sometimes challenging life as a landlord.

With this role comes a whole host of new responsibilities. You'll be expected to maintain and care for the property, making sure it's inhabitable and comfortable for your tenants. You will be responsible for the exteriors such as the roof, chimney, walls, guttering and drains and you'll need to make sure the water, gas and electricity supplies are all safe and in good working order.

Some Common Emergencies
Despite your best efforts, there are bound to be issues that crop up with your property. Common emergencies faced by landlords include plumbing and drainage issues – such as no water from the taps, blocked pipes, leaks, breakdown of toilet facilities and blockages to external drainage. There might also be problems with the electrical wiring and its components such as switches, sockets, or the fuse box. Extreme weather and fire damage can also cause serious problems. For example, you might have to replace tiles blown off the roof during a storm or deal with the fallout of a flood or fire.

Insurance and Emergencies

As a landlord, you have a responsibility to your tenants to resolve any issues safely, quickly and efficiently, minimising any inconvenience. Some issues may be quickly and easily dealt with, while others are more complex and take longer to resolve. Whatever the emergency, it’s important that you can get your property back on the market as quickly as possible to avoiding losing revenue.

Taking out the right insurance is a must for anyone renting out property, whether it's a single flat or a whole portfolio. There is a wide range of affordable landlord insurance available, with a range of cover options to protect your property and maintain your income stream. You can find policies that can help you re-house tenants, protect against accidental damage and even insure against loss of rent if an insured event has taken place, to protect your income.

Whether you're a residential landlord dealing with private tenants or a commercial landlord renting business space, make sure your property is correctly insured for complete peace of mind.

 

Landlord Expert
By Landlord Expert January 23, 2013 13:41

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