There is no denying that being a landlord is a learning experience. However, there are some mistakes that you simply cannot afford to make because they could come back to haunt you. With that being said, read on to discover the common landlord mistakes you need to avoid.
Not getting help
Trying to do everything yourself is admirable, but this means you will never be able to take a holiday in case something goes wrong at your property! You don’t need a full-blown property management service, but help is a must.
A lack of knowledge about landlord-tenant law
This is a mistake that so many landlords are guilty of making! However, if you do not fulfil certain responsibilities or follow specific procedures, you could find yourself in very big legal trouble. A good example of this is if the boiler breaks. If you don’t replace it or provide an alternative heat source within 24 hours during the winter months, you are breaking landlord-tenant law.
Becoming lax when screening tenants
This is something that you cannot afford to do. Yes, you may have been blessed with good tenants over the years, but this is not an excuse to get sloppy. You need to have a proper procedure in place for screening tenants so that you don’t have to experience any issues with regards to unpaid rent and evictions.
Skimping on insurance
Last but not least, failing to obtain the correct insurance coverage is one of the biggest mistakes you could make as a landlord. You should have liability and property insurance in place. The former protects you in the event of a lawsuit; for example, a negligence claim due to a slip, trip or fall at your property. Let property insurance ensures you are protected against the damage or destruction of your house or flat.
As you can see, there’s a number of different mistakes you need to avoid as a landlord. We can help you to rectify the latter here at Total Landlord Insurance. Give us a call today to make sure you have the correct policies in place.
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