We know a lot of questions arise in your mind concerning real estate insurance. In this post, we will cover most of these questions.
First, we will reveal whether purchasing property insurance is mandatory or optional. Second, we will explain the benefits you get from insuring your property.
Yes, when using mortgages and bank loans to raise funds, your total cost of ownership can be twice higher compared to using your own money. Still, if your savings are limited, this is the only option to become a happy owner. After all, when you renting a flat, you pay money as well but this doesn’t drive your closer to your target of having a home of your own.
Deciding to rent your property out, you don’t plan to end up with lots of troubles, vacant units, and great loss, do you? On the contrary, you pursue the following targets taken in a single bunch:
- Close-to-100% unit occupation rate;
- Trouble-free tenants;
- High rental yield.
Finding good tenants is a sort of science. Keeping them happy is an art. It is true in every kind of rental business and especially when it comes to residential property.
When people look for a unit to rent, they pay attention to three main facets. First, whether the area, initial condition, facilities, and amenities comply with their needs and lifestyle. Second, whether the rent is fair for the unit. Third, whether they can afford to rent this dwelling place.