New Homeowners: How You Can Protect Your Property Investment(Last Updated On: February 24, 2022)
Buying a property is one of the most significant purchases most people will ever make. It is crucial that you go into the process with your eyes open, aware of all the responsibilities and risks of homeownership.
Protecting your investment is critical and can be done in various ways. You should find ways to preserve and increase the value of your property and ensure that it is safe from various dangers, including fraud and natural disasters. Read on for some of our top tips to help you keep your property investment safe.
- 1. Do Renovations That Increase Value
- 2. Carry Out Regular Maintenance
- 3. Hire Qualified Professionals
- 4. Look Into Contents Insurance
- 5. Take Out Latent Defects Insurance
- 6. Build Up A Financial Safety Net
- 7. Choose The Right Property
- 8. Register Your Property On The Land Registry
- 9. Invest In Suitable Security
- 10. Go Green
Do Renovations That Increase Value
Increasing the value of your investment is an excellent way to protect it. You can increase value through renovations, though it is vital to ensure they will be cost-effective. Additional bedrooms and bathrooms are some of the best ways to improve the property’s value. Updating current bathrooms and the kitchen can also be beneficial.
Carry Out Regular Maintenance
Maintaining your home is vital to ensure it lasts. You should do the regular maintenance of the gutters, plumbing, and windows so that they last, keeping everything clean and in working order. If in doubt, consult a professional. Any problems that may occur can become worse if not sorted immediately, so it is best to know the signs of any major issues.
Hire Qualified Professionals
Some maintenance work can only be carried out by trained and qualified professionals. For instance, wiring or plumbing maintenance and repair should always be done by someone with experience and knowledge of how these things work. It is a good idea to find a few local professionals that you can turn to when you need them. Choose people with extensive experience helping homeowners and good reviews from happy past clients.
Look Into Contents Insurance
Protecting your belongings is one of the key functions of a house, but sometimes things can go wrong. This could be through adverse weather, crime, or an issue in the home. It is crucial to get content insurance so that your things are protected should they be damaged or stolen. This can help ensure that you can replace your belongings and aren’t saddled with the financial burden.
Take Out Latent Defects Insurance
Latent defects are issues or damage caused by a problem in the design, work, or materials used to construct your property. The cost of rectifying such defects can be high. This type of insurance is typically taken out for new-build properties and may be required by your mortgage provider. You can find out more about the benefits of latent defects insurance from industry leaders in building warranties and insurance, Buildsafe.
Build Up A Financial Safety Net
When you’re the owner of a property, all maintenance and issues with the property are your responsibility to fix. There’s no landlord to turn to for repairs, so you will need to have a good cushion of savings to give yourself the peace of mind that you can afford any of the unexpected costs of homeownership.
It is a good idea to save between three and six months of your household’s regular monthly income. You should put these savings into a high-interest savings account to get the most out of them.
Choose The Right Property
One important way to ensure your investment is worthwhile is to choose the right property in the first place. You should take your time and view multiple properties to understand what a sound property looks like. You should also get the property thoroughly surveyed by professional surveyors before putting an offer in.
Register Your Property On The Land Registry
Registering your property on the Land Registry can help prevent fraud from impacting you and your home. You should first check to see if your property is already registered and, if so, whether the details are correct. There is a fee of £3 to check your property on the Land Registry. Property fraud is often done after identity theft, so setting an alert on your property for any changes on the Land Registry can help ensure you catch any potential fraud before it occurs.
Invest In Suitable Security
You will need to keep your home physically secure to prevent issues like theft, criminal damage, or vandalism. It is a good idea to invest in sturdy doors and well-sealed windows. If any entryway to your home becomes damaged, you should get this repaired as soon as possible. Locked gates, security cameras, and motion-sensitive floodlights are a good investment outside the property. A burglar alarm is another good choice.
Making your home as eco-friendly as possible can help save you money on your utility bills. It can also help make your home more sellable in the future, as more and more buyers want homes that have stellar green credentials. You could start by thoroughly insulating your home and ensuring the windows are top-rated and well-sealed. You could also consider putting in a green roof that provides a habitat for local wildlife and soaks up rainwater. Furthermore, you should also look into getting solar panels installed.