Top six property investment tricks
Invest in comprehensive insurance
Too many first-time investors make the mistake of not treating their enterprise like a business – which it is. You need to ensure that business is ‘earning’ but delivering timely and full rent money to you as the owner.
But what happens if things go wrong?
Make sure you factor in the cost of a comprehensive tenancy insurance policy when working out costs. This is known as a ‘rent guarantee’ insurance and is offered by some larger lettings agencies to clients or can be sourced as through specialist providers – compare providers with this landlord insurance finder tool.
Then, if you do have a situation where a tenant doesn’t make the rent, for whatever reason, you are covered against losses.