The following is a guest post from Just Landlords, a UK company specializing in Landlord insurance, Unoccupied Property Insurance, Holiday Home Insurance, Overseas Property Insurance and Rent Guarantee Insurance.
Unoccupied property can be dangerous!
Do you own more than one property? Have you left one of your properties unoccupied? If you are paying a mortgage on a property without receiving any rent in return then you are missing a big opportunity, and consequently missing out on a large injection of money. With an unoccupied property you also leave yourself vulnerable to a whole host of unfortunate circumstances. Such as the danger of squatters moving in, while there are also risks of possible burglaries and illegal damages. It is common for thieves to see an empty property as easy meat.
If this sounds like a familiar story then you should definitely consider renting your unoccupied property out to prospective tenants. This will be a fantastic way to make a lot of money using an asset you have already acquired. However, you will need to be prepared, as you will be entering the challenging, but exciting, world of being a landlord! It will be important to meet prospective tenants and possibly check their details to ensure that they are responsible people that will pay their rent on time.
Speaking of rent, it will be very important to charge an appropriate amount; if you price your rent too high then this will only deter possible tenants, however, if you set your rates too low then you will not be reaping the level of rewards you probably should be. You must also be prepared that there will be times when your property will incur damages; therefore it will be important to manage and maintain your property effectively and to have damages repaired as quickly as possible.
It is also very common for there to be time-gaps between tenants moving out and new tenants moving in, this will once again leave your precious property unoccupied, and as a result will leave it vulnerable to the aforementioned dangers. Therefore it would be a great idea to invest in unoccupied property insurance. This will ensure your property is protected!
Also, perhaps your property acts as a holiday home for you and your family in the areas of New Hampshire or southern Maine? The last thing you want is to go on vacation and arrive at a property that has been damaged or burgled. In the event of such an unfortunate circumstance, with insurance cover, you will at least be able to make a claim.
Leaving a property unoccupied, for whatever reason, even if it is just for a month or so whilst awaiting new tenants, can be very dangerous as it can be an easy target for illegal activity and damages. Therefore, make sure it is protected with an intelligent insurance policy. This will enable you to relax, safe in the knowledge that your property is protected.”
Thanks for Just Landlords for this very informative guest posting about landlord insurance and insuring unoccupied property in the Seacoast NH, and southern Maine areas.
To search for Portsmouth, New Hampshire second homes, investment properties, vacation homes, or a new primary home for you and your family please visit New Hampshire Maine Real Estate to see all current Realtor listings in those areas.