Conducting an inventory before new tenants move into the property will set the s
Vacant property inspections
No Letting Go offer this important service for both landlords and agents during void periods. Most insurance companies require vacant properties to be visited either once a week or fortnightly to check that the property remains secure and to ensure that any property management issues such as water leaks, appearance of mould/damp, broken fence panels, are dealt with promptly.
What void periods in tenancies mean for a landlord?
By definition, a void period is the time when a rental property is left unoccupied. The obvious result of this is the landlord or letting agent receiving no rental income during this time, far from ideal! However, there are many other factors that come into play under these circumstances. Vacant properties can cause problems when it comes to insurance, maintenance, vandalism and even squatter to name but a few.
Insurance and vacant properties
Most typical home insurance will not cover long periods when a property is unoccupied, thus making the insurance void. This leave the property owner of losing everything in the event of fire, flood or any other catastrophic event home property insurance protects you from. In many instances this can leave property owner in financial ruin, so it is vital to take these risks seriously.
For instances when a property will enter a void period, special insurance is required, known as unoccupied property insurance. The price of cover is determined by a range of factors, such as the rebuild cost of the property, its location, security and, of course, the reason it is empty. It also goes without saying that these premiums can often be significantly higher than occupied insurance, so it is important to look at ways to bring these costs down. In some instances, you may even find the overall costs are cheaper when this insurance is combined with a periodic inspection from No Letting Go.
Risks arising from properties being left vacant
Falling behind on essential maintenance
When properties are left vacant, small issues can develop into more serious ones simply because they go unnoticed. Problem often develop slower over time such as leaks, electrical faults and infestations. Having a human present and living in property allows this risk to be identified early on so appropriate low-cost actions can be taken to prevent escalations. Our property reporting experts at No Letting Go are probably some of the best people in the country to identify these risks to alert you during a vacant property inspection, saving you from an expensive bill later down the line.
Risk of vandalism and lack of security at the abandoned property
The longer a property is left vacant, the more chance you have of the property falling victim to vandals and criminals. Quite possibly the biggest deterrent to these undesirable visitors is the knowledge that a property is occupied and thus that they will likely be caught. Naturally, void periods lack this deterrent and can even begin advertising your property vacant. Lights left off, overgrown gardens and a bulging letter box are what thieves and vandals look for when targeting properties.
Quite possible a landlord’s worst nightmare is the risk of squatters entering the property. Squatters too will look for signs that a property is unoccupied. A regular property inspection from a No Letting Go property reporting specialist can all help to reduce these risks and identify hazards.