9 Unexpected Costs Landlords Often Don’t See Coming
As a landlord you’ve all heard about tenant damage and fair wear and tear, but how weird can it actually get as a landlord?
If you suddenly discover your investment property has turned into a den of your worst fears, you’ll need a game plan to get things back on track.
If you’re not sure what to account for when planning for the worst, here are a few unlucky issues landlords deal with:
- Non-payment of rent
Sometimes you have a tenant who just… disappears. Perhaps they’ve stopped paying rent, done a runner or, in the worst-case scenario, passed away.
- The tenant leaves… but their stuff doesn’t
If your tenant suddenly vacates but all their stuff remains behind, you may need a hand – both physically and financially – to move the furniture.
- Your tenants are running a drug lab
No, you haven’t just been watching too much Breaking Bad – this can actually happen! And if it does, you’re in for a hell of a logistical nightmare.
- Someone passes away
Nobody wants to think about this, but in the event of a death, there are a few things you may need to consider. Firstly, it might be a while between tenants or payments, and if this is a problem for you, you should check if your policy covers rental default.
- The dog ate my… carpet?
Dogs and cats can cause all kinds of accidental damage, and as regulations regarding pets on rental premises continue to relax, you’ll need to make sure your property is protected. Furthermore, what about those tenants that ‘pet sit’ there is no mention of the pet on their application form or the lease but they always seem to be pet sitting for a friend.
- Help, I’ve been robbed!
Break and enter thefts will be covered under most contents policies, but sometimes it can be harder to account for items stolen by people within the property.
- Black mould attack
Mould can be a serious issue and, if it infects your rental property, you as the landlord are responsible. While you can’t typically insure for mould issues, there are exceptions.
- The elements strike
Fires and floods are always a surprise. Nobody expects their property to be ravaged by flames or water, but there’s no denying it can be costly when it happens.
If you get the call that your rental property has been affected by any of the above, you’ll want to be prepared financially to fix the damages.
Make sure to check the PDS with your insurance or chat to your property manager who will be able to offer some advice.
Jackson Bell the piece missing from your investment property.