The days, sites like Air BB, Home away, and a slew of related copycats have many savvy investors looking to try their hand at rental property ownership. In fact, one London based entrepreneur has over 800 properties and earns some 12 million per year.
With numbers like these, it’s easy to see why so many are exploring revenue generation via short (and long) terms rentals.
But it’s not all roses.
Being a landlord is tough and there’s a lot to think about and do when you have tenants, but what do you need to think about when you haven’t got anyone in your property? There are a lot of risks involved with an empty property, here’s a list of reasons why you need to protect your properties.
If you don’t regularly check up on your property and nobody is there, a lot of bad could happen which could effect your investment. Flooding is one of those things. One burst pipe could ruin a whole apartment or even house. The costs of fixing the pipe in most cases will probably be pretty low, but the damages to the rest of the house could set you back a lot more!
Gas Leaks are extremely dangerous as they can cause major damage to your home and the neighbouring properties. Make sure all gas appliances are regularly checked by yourself or a professional, so that a gas leak doesn’t occur.
Depending on the area that the property is in, it could get heavily vandalised. One way to get around this is making the property look like it is still occupied. Installing timed lights will make it look like people are in the house, which will deter any potential vandals. Another way to stop vandalism is to keep the gardens and exterior of the house neat and tidy. If you don’t have the time to do all of the above, you could look into getting vacant property security. This can involve people temporarily living in your property to ensure that none of the above issues happen.
If you are thinking about trying your hand at rental property ownership but are worried about gaps in tenancy & vacant property security, check out Global Guardians and this infographic they’ve provided us with below about what other issues could occur.