How to Protect Your Property as a First Time Landlord?

24 November 2018

No matter what route you take to the rental market, you’re making an exciting step in life. Many people believe that becoming a landlord is fail-proof. However, although the process can be both financially and mentally rewarding, there are downsides and potential pitfalls. Renting out a second property is ideally an investment and, as such, several risks come with it. As a result, you need to protect your investment and mitigate against risk. Here’s how you can do just that to make sure that you are getting returns for your investment.

Contents

1 1. Take Out Insurance Being The Landlord:
2 2. Draw Up the Correct Contract:
3 3. Take A Security Deposit:
4 4. Ensure There’s an Inventory:
5 5. Have a Financial Buffer:

1. Take Out Insurance Being The Landlord:

Traditional insurance doesn’t usually cover rental properties. As a result, you should take out specialist landlord insurance. As well as protecting your home in the same way traditional home insurance would, landlord insurance can protect you against other problems, such as unpaid rent or a tenant injuring themselves at your property. Get a company that offers the best insurance deals to landlords and insure your property with them.

2. Draw Up the Correct Contract:

The correct tenancy agreement can help you in case you need to evict a tenant or take action against them. The vast majority of rental agreements come to an amicable end, but there may be times when you need to evict your tenant. A correct tenancy agreement will provide you with the framework to issue either a Section 21 notice (giving them two months’ notice) or a Section 8 notice, which allows the person to seek possession under particular grounds such as rent regions and anti-social behaviour (more information on both of these notices can be found here). Make sure that the tenancy agreement that you craft will protect you under all circumstances.

3. Take A Security Deposit:

Taking a security deposit or a damage deposit (usually a month’s rent) allows you to protect you and your property against any breakages or damages. It is important to put these measures in place if you want to be sure that you are on the safe side.

You must place the deposit in a concern that is regulated by a government deposit scheme, such as the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme. The deposit is then returned to the tenant at the end of the tenancy unless they fail to meet the terms of a tenancy agreement, cause damage to the property or fail to pay rent and bills.

4. Ensure There’s an Inventory:

Before your tenant moves in, you should complete an inventory of everything currently in the property. As well as listing everything currently in the property, you should also list its current state, including any dents, scratches or stains.

Once this is complete, you should have a walk around the property with the tenant. Then you can both confirm everything listed is present and the condition described is accurate. When this process has been completed, you should both sign and date the inventory.

5. Have a Financial Buffer:

Finally, you should ensure you have a financial buffer, in case you have to pay for running repairs. The costs for running a rental property can quickly stack up. Although you could take out an installment loan to finance any major payments, it’s advisable to have a pot of savings before you begin, in case you need to finance any running repairs.

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Features To Ensure Success Of Your Money Saving Service

We all have plans and dreams. Nonetheless, to implement them we need financial resources. Todays’ advanced technologies offer a solution to collect the sum we need. So, we shall discuss how to design a great saving application to help people build their dreams into reality, and how you as an owner can succeed as well.Interested? Let’s get down to business. Functionalities a money-saving platform should provide Let’s explore what parameters are critical for users. # Profiles It’s pretty obvious that, first of all, a person downloads an app and sets up a personal profile.Try to keep those processes simple and straightforward. People shall fill in a certain form to specify some information, including the financial one. It’s okay if the account activation takes some time since all customers’ details must be processed and verified carefully. We’re dealing with money issues, thus, everything shall be checked adequately. # Bank account involvement A budget framework shall allow the audience to connect their bank accounts. Here the trick is for app owners to cooperate with multiple financial facilities to make such a feature available for every individual.Moreover, it would be amazing if you also find some solutions for those persons who have no bank accounts and who choose other ways to manage their finances. That approach will enlarge your target audience. # Possibility to set several goals Setting goals is a pretty fascinating aspect of an online money resource.Let’s assume that a person starts applying an online system to save some funds and enforce ceratin plans that demand specific monetary investments. It could be anything, say, university fees or vacations. Thus, a user takes advantage of a financial program and sets a goal to implement a particular plan he/she has. If you want to create a successful app, you shall allow your people to name that plan, put deadlines if it’s required, provide a brief description, etc. That’s how a saving procedure starts.In most cases, customers have the following goal variants:travel; vacations; gifts purchasing; nest egg for a rainy day; others.Clients will appreciate not being limited to implement only one plan at a time, so individuals shall be free to set multiple goals to realize their desires.Speaking about allocating funds to specific goals, you could provide a few options here. The thing is that some users would prefer to take the total withdrawing sum and divide it equally between all current plans, while others would rather specify how much money specifically shall be sent to each goal. Just remember to keep your money-saving application customizable.And after a person manages to save the sum he/she put as a target, budget software shall stop allocating funds to that particular goal, however, the money shall still get sent to other ongoing plans, if any.# Withdrawal options Every decent money manager platform shall ensure that its customers can withdraw cash from their accounts when they need to. Moreover, no-fee and no-commission policy will be highly appreciated.Additionally, it would be a brilliant idea to give your people several options to withdraw money. Let’s say, chatbots could be one of the tools.Still, the audience needs to be patient, since the processing of such transactions is time-consuming, meaning, individuals will have to wait for the funds to get returned to their main accounts at their requests. However, you could offer specific options for those who can’t wait: say, you might impose a $1 charge to make transfers instant. It’s your call. # Overdraft-proof Your clients shall not worry about possible overdrafts, thus, think carefully about how you could protect their accounts. You could ask users to determine the amount of money that must remain on their accounts at any time. In such a way, an online financial service won’t be able to take the money, in case that indicated mark is already reached.Nevertheless, if some technical issues occur and a money-saving framework withdraws too much, a specific algorithm shall be launched to refund the difference and reimburse all overdraft fees.Make sure you discuss those options with the development team you hire. # Unique features Nowadays, you can find a great variety of diverse financial resources, thus, your objective is to come up with one-of-a-kind parameters to differ from others. Here’s an idea for you.The reality is that many people have to pay off their debts. Of course, they can simply borrow the amount they need, but it’s better to have several options to deal with those issues. Besides bank loans, people can also resource to online money-saving systems.Your program can help people deal with their debts. Clients can set specific debt settlement goals, attaching their credit cards to your platform. The process could be completely automated, and a specified amount will be allocated to pay creditors. If you impose special conditions, you can help your customers repay debts faster. Think about it.Of course, you can brainstorm more to generate other great unique features to bring a wider audience. # Smart notifications Individuals will enjoy the possibility to communicate with an application they use, and text messages will do the magic.Clients need to know their accounts’ statuses, moreover, the messaging notification system can update users on any important news. The audience might want to set the service to receive requests to write off funds, and more.Additionally, people could use particular code words to launch certain activities. Just be creative, don’t limit yourself, and you’ll find multiple ways to assist your customers making them happy.There’s one more aspect we’d like to discover this time. Benefits a saving app shall provide Every app shall serve to resolve certain problems people have. The below-mentioned ideas are for you to keep the audience pleased with your online solution:Special bonuses. Why not offer your active users certain bonuses, say, a 2% annual bonus? That would be a nice touch of yours. Chatbot assistance. A person might need some financial advice, so think about how chatbots could help with that. Setting numerous goals. As we’ve mentioned earlier, that would be a great idea, since it’ll improve customers’ online experience. Automatized processes. It’s in your hands to help clients enjoy the saving process: let them stipulate the amount to put aside and make your framework to take care of the rest. Regular updates. Don’t allow your audience to feel lost, not knowing what’s happening with their accounts. Update them constantly. Referral bonuses. You could be grateful to people who bring new users to your program by giving them, say, $10 or so. Keep it simple. Individuals will really enjoy your application if it is user-oriented and appealing. Web interface. Some people would rather prefer web resources, so consider developing it as well.We believe our hints and tips will help you consider key aspects of money-saving system development to build a successful and credible service.Read Also:How to Become Financially Stable Before Age 30 How to use IT to Save Your Business Money The Importance Of Saving: The Bedrock of a Bright Financial Future

Choosing The Right Financial Advisor

There are plenty of financial advisors out there; you can never have trouble finding one. But, like buying any product, you need to find the right one. Deciding the type of advisor you should hire can be challenging. With poor research, you may end up losing a large sum of money from carelessness and ineptness. Thus, it is essential that you determine which advisor will help you meet your goals. The following are five steps to selecting the best financial advisor. Choosing the Right Financial Advisor: 1. Know your financial needs: There are various reasons why you would want to hire a financial advisor. For instance, you may need help in managing an inheritance, a retirement fund, or a loan. Financial advisors have diverse experience and expertise. Thus, not every advisor will be able to meet your needs.This is why you need a financial adviser that can help you in every step of the way. Since the requirements of each individual are different, you need someone that can help create personalized investment solutions for you and your financial needs. Make sure to share and discuss your expectations from the adviser in advance.Ensure you identify and rank your financial goals. You should be clear on the amount of capital you’re investing. Also, you should state your financial objectives and how much risk you are willing to sustain. It will help you select the right advisor. 2. Expertise: Always go for certified financial advisors because the fact that they are licensed will help ensure you that the advisor you are about to hire is qualified and that they know exactly what to do and how to help you. Besides, credentials issued by independent bodies can be another evidence of qualification. Find a financial advisor in West Des Moines with a CFP (Certified Public Planner). It is the most significant credential. Its members must pass the tests administered by the CFBS. Moreover, find out whether he/she takes the annual courses required by the law. 3. Experience: Experience is vital if you are to entrust this person with your dreams. Most financial advisors ventured in other fields before getting into a financial career. It equips them with knowledge about financial investments in different areas.But you should remember that everyone has to start somewhere. Intelligence, responsibility, and passion can, in some cases, make up for the experience. 4. Cost: Fees and commissions can end up making your investment, not so fruitful. Discuss the advisor’s compensation before closing the deal. It will avoid any conflicts on payment. You need to study the record of the adviser and your anticipated future record. For example, if your stock portfolio is 8%. You agree that the advisor gets 4%. Then, your net return will be 4%. 5. Compatibility: Your financial advisor should have a personality that makes you comfortable. If you do not like your advisor, you will find it so difficult to open up about your financial concerns. Find a financial advisor in West Des Moines who has the patience to answer your questions.Face-face meeting is a great way to assess your advisor, giving you a better impression. Would you marry a person who you meet at an online dating service without a face-face meeting? The same case applies here; you should not give your financial future to a stranger. Bottom Line: Remember how much you worked hard to earn the capital. Pick the best advisor and protect your wealth. Also, ensure he/she has the expertise needed to provide the best advice.Read Also:How To Start Your Career As A Financial Advisor? How Artificial Intelligence Is Helping Banking And Financial Institutions?

The Different Types of Life Insurance for Individuals with Dialysis

Dialysis is a process where machines clean the blood of toxins, excess salts, and excess fluids. It is an alternative to kidney transplantation. Physicians can also use a transplant with other treatments such as peritoneal dialysis or kidney irrigation when a transplant is not possible. As you can imagine, people who have this medical condition have higher risks of developing infections and mortality rates due to prolonged use of anti-rejection drugs. This may lead to heart failure, strokes, and organ damage.For that reason, it is not surprising that the average life expectancy of dialysis patients is about a year or less. But for those who are already anticipating their untimely death and have a family to look after when they die, the best option to consider is a life insurance plan for individuals with dialysis.There are several benefits of dialysis life insurance. The first is to protect your family financially in the event of your death. They will have an insurance payout to help make ends meet independently. Another is the peace of mind that you get knowing that you have protected your family's future. It can also reduce the stress of dialysis patients whose family members are also undergoing dialysis and have no other way to save for their future.Here Are The Different Types Of Dialysis Life Insurance Plans For Individuals With Dialysis1. Long-Term Care InsuranceSuppose you are a dialysis patient and have dependents such as children. In that case, you may consider taking out a long-term care insurance policy when seeking the Best Life Insurance Companies That Insure People on Dialysis (2022). These policies usually pay out benefits when the insured individual becomes disabled or dies. In most cases, the amount is equal to your monthly income. This money can be used as a financial safety net if you get sick or die prematurely. One downside is that long-term care insurance policy coverage is usually limited to certain conditions such as strokes, Alzheimer's disease, and multiple sclerosis.2. Term Life InsuranceTerm life insurance provides a death benefit payout to your beneficiary when you die. Individuals should understand that there are two types of term life insurance. This includes the level term and decreasing term. The former pays the same amount every year while the latter pays less every year.3. Protective Life InsuranceThis type of policy pays out a death benefit on the condition that you are alive at the payout. It is ideal for people who want to remain well-insured but don't have family dependents to worry about.4. Variable Life Insurance PolicyThis policy provides a death benefit payout and a cash value build-up. The cash value of the policy increases with tax-deferred investments. You can opt for dividend options and use the money to pay for your expenses or let the cash accumulate for the future.5. Universal Life InsuranceThis is a hybrid between term and whole life insurance policies. The main difference is that the death benefit payout is guaranteed. And because it's usually cheaper than traditional whole life policies, it's a good option for people who want to get more bang for their buck.6. Whole Life Insurance PolicyThis type of policy pays out a death benefit when you die. It is similar to variable life insurance in that your premium will rise or fall depending on how long you're alive. The main difference is that you choose the level of coverage. For example, a 7-year, $500,000 coverage plan would have an annual premium of about $858, with the first year's premium paid yearly. In contrast, a 10-year, $250,000 policy would have a yearly premium of about $1,110, with the first year's premium paid annually. As with variable life insurance, you may purchase a whole life policy to provide a death benefit and income for your family.ConclusionSo, if you are dreaming of having a future life after dialysis and have dependents counting on you to take care of them when you die, then dialysis life insurance is the answer. It may even be more than the sense of security that your family members feel knowing that they are financially secure. Read Also: How to Get Low-Cost Life Insurance for Seniors Some Kinds of Death are Not Covered by Term Life Insurance How Private Hire Insurance Takes You Out from Problems?

How to Protect Your Property as a First Time Landlord?