Protect Your Investment After You’Ve Gone

We don’t often like to discuss the subject but just like taxes, death is certain. This being said, there is no point in worrying about it but it’s a good idea to plan ahead. That way when it happens, life runs as smoothly as possible for those left behind.

We all hear about wills being in place for when the inevitability of death arrives but do you realise just how important a will really is? Too often a family member takes it in good faith that others will do the right thing in the event of their death but, sadly, this is not always the case.

There are sad stories of a parent dying and not updating their will; siblings fight over valuables and relationships break down. Legal battles can ensue and costly and heartbreaking fights are either won or lost. This happens in particular where there are assets such as investment properties involved.

We at E Property Rentals can manage and protect your property while it is being rented out but we strongly recommend that you have a will in place in the event of your untimely or expected passing. Here is some brief information on wills and the benefits of having one that includes your investment property.

Why you should have a will

If you have one or more investment properties it would be fair to say yours is a decent estate. With this in mind, you should consider the people whom you leave behind and how the assets should be divided.

For instance, dying without a will left behind means you were ‘intestate’. Due to Australian laws that are specific when it comes to rules about deceased estates and properties, this could mean your investment is distributed to close family members, that is, your next of kin.

However, in some instances you may not wish for your investment property to be distributed this way. For whatever reason, you may prefer to leave it to a partner or relative such as a grandchild. This can only be effectively administrated if you have a current will in place.

How can you write your will?

When it comes to larger estates you might like to consider enlisting the services of a solicitor. This is because a solicitor will know and understand all the legal requirements relating to distribution of assets to spouses and children, for instance.

Other alternatives are do it yourself will kits or an online company that can prepare your will for you. Do it yourself kits can be purchased in most post offices or a good search will point you in the right direction.

As for succinct and professional management of your investment property now, contact us at E Property Rentals today.


What Is Property Indemnity Insurance?

Property Indemnity Insurance, also known as Professional Indemnity Insurance, provides financial protection to a homeowner who has purchased or built a new home from a licensed, registered builder.

This insurance is designed to cover any out-of-pocket expenses that may arise should it be discovered that construction errors and omissions have been caused by the contractor. There are rules and regulations revolving around what you can claim within this insurance umbrella.

In broad strokes, it is deemed that the builder is responsible for any building errors and omissions for a period of six years from the end of construction. Proceedings can also take place for lack of completion of a project.

In Queensland, this type of insurance is provided by the Queensland Building and Construction Commission (QBCC).

Protection for Home Owners

When purchasing a new home, or seeking quotations prior to entering into a contract to build a home or extension with a builder, it is important to assess a whole range of necessities.

One essential requirement will be to ensure that a Certificate of Currency exists. In Queensland, it is required for any construction work valued at greater than $3,300. This certificate will prove indemnity cover has been paid in full.

This insurance offers the person who will ultimately be paying for it, usually via a mortgage, to rest easy knowing that the home or investment is protected.

Making a Claim

Should a construction error or omission ever be discovered in your investment home, we are more than capable of following up on the claim for repair.

Just like organising a repair or replacement for your hot water system, eProperty Rentals are your ‘go to’ in this situation. Obviously, we are more than likely going to be the first port of call in this situation as the tenant will usually be the one to spot any issues. It is important for us to pinpoint who is responsible and, as your appointed agent, attend to it.

If your builder is a reputable one, which of course he was as you conducted your due diligence before hiring him, any repair claims will be dealt with smoothly, and your home will be none the wiser!

You can see that you are in good hands and you can relax when you employ the right people to represent you in any project in which you care to invest.


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Series One – Top Tips for Avoiding Landlord Insurance Pitfalls

Landlord insurance is vital for every property investor. Just like building insurance covers you for the unexpected, landlord insurance also covers you against unexpected loss like rent default and malicious damage. However not every landlord insurance policy available performs the same way and in fact there can be several pitfalls you need to be aware of.

Tip One- Top Tips for Avoiding Landlord Insurance Pitfalls

Building Insurance is not Landlord Insurance! Some investors believe that building insurance also includes landlord insurance. Standard building insurance will cover you for fire and storm damage etc, however will not cover you for losses relating to a tenancy like rent default and malicious damage caused by the tenant. Comprehensive landlord insurance must be implemented separately to ensure you are covered for tenancy related risks.

Tip Two- Top Tips for Avoiding Landlord Insurance Pitfalls

Beware Bank Landlord Insurance- when you take out your loan with the bank, no doubt they will also offer you building and landlord insurance cover. Be aware that policies sourced through financial institutions can contain large rent default excesses not found in landlord insurance policies sourced through property management agencies. Restrictive clauses can also result in your claim denied, which may have been otherwise covered by landlord insurance sourced with your property manager.

Tip Three- Top Tips for Avoiding Landlord Insurance Pitfalls

Don’t Delay Serving Legal Notices- if you are managing the tenancy yourself, never delay the serving of your legal notices  when a tenant falls behind in rental payments. If you have submitted a claim for rent default and it is found that the process has been delayed or compromised, this will affect your claim and possibly result in it being denied!

Tip Four- Top Tips on Avoiding Landlord Insurance Pitfalls

Always Take the Maximum Bond- never compromise and ensure you always take a maximum bond. Some landlords choose not to take a full bond, and some even choose not to take a bond at all! It is important to know that choosing not to take a full bond can result in a landlord insurance claim being compromised or possibly denied! Therefore ensuring the correct bond is charged is a must!