A rental property has several risks attached to it just like any other investment. One that ranks highly and has far-reaching effects on the value is property damage by tenants. Even though it’s the tenants’ responsibility to take care of the property and reasonably maintain it, some tenants fail to honor the agreement.
Some damages can be the result of neglect either by the tenant or the landlord. Other times the property can require updates due to normal wear and tear. Taking care of repairs in property can be a costly affair.
Even the little repairs that are considered affordable at first may add up in the long run. It is therefore important to plan and have set measures that can protect you as a landlord from such events.