Investing in real estate is a way many people make passive income. However, when a tenant moves out, the property can remain vacant from weeks to months. In addition to having investment property insurance, there are a few ways to successfully deal with vacant property.
As seen on www.moodyinsurance.com/, cover the waiting period between tenants with vacant property coverage. This time is great for prepping the property for new tenants. Since you plan to show the property, make sure it has been cleaned thoroughly and is safe to move in.
If there is maintenance that needs to be done on the property, the waiting period is a great time to handle those repairs. Replacing a roof, redoing the kitchen or removing old floors are easier to do when no one lives there. You may also be able to charge more by doing some updates to the property depending on the location.
There are times when the tenant leaves abruptly and essentially abandons the property. Before a new tenant can move in, the property must be cleaned, decluttered and inspected. These tasks can take a week or more to complete.
Investment property insurance can help you protect your assets. Planning a few days between tenants can help you stay on top of the property and ensure tenants have a safe, clean home to move into.