Every Champaign-Urbana landlord dreads the possibility of having to evict a tenant. It’s one of the reasons the tenant screening process is so important. You want to make sure you’re placing a well-qualified resident with a history of paying rent on time and taking care of properties.
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Diversifying Your Real Estate Portfolio with Champaign-Urbana Investment Property
Every investor knows that diversifying a portfolio is a smart way to protect its assets and allow its value to grow. This includes your real estate portfolio.
When you’re adding properties to your existing real estate investments, make sure you’re choosing different types of homes in various neighborhoods. This will limit your risk and provide new opportunities you may not have considered previously.
It’s also important to surround yourself with professionals when you want to diversify and grow your portfolio of rental properties. A good Urbana-Champaign property management company can help you identify opportunities and make smart decisions.
The Risks of Leaving Your Champaign-Urbana Rental Property Vacant
Leaving a rental property vacant is a big risk for investors. Not only is it expensive, it also leaves you open to vandalism, theft, and squatting. There’s also the risk of unreported maintenance issues. When tenants are living in your property, they’re quick to notice leaks, electric issues, and other potential problems. With no one in the property, it could be weeks or months before you notice there’s something that needs repairing.
You want to avoid a vacant property, for the good of your investment home and to get your income flowing and your ROI stabilized.
Everything You Need to Know About Landlord and Renters Insurance | Champaign-Urbana Property Management
Insuring your investment property is a critical component in keeping it protected. The right insurance will also protect your own financial interests. Investing in Champaign-Urbana rental real estate can be an excellent opportunity, but it also comes with a lot of risk and a lot of liability.
Both a landlord insurance policy and a renter insurance policy will be required to protect your investment. Don’t wait until a claim needs to be filed to find out you’re under-insured or uninsured. Make insurance check-ins a part of your annual Urbana-Champaign property management plan.
Allowing Service Animals vs. Pets in Your Champaign Urbana Rental Property
Dogs are pets except when they’re service animals. Cats are pets except when they’re emotional support animals or therapy animals.
If you’re renting out a property in the Champaign-Urbana rental market or anywhere in the U.S., it’s important to understand the housing laws that protect people with disabilities. It’s easy to make an expensive mistake by telling prospective or current tenants that pets aren’t allowed in your property under any circumstances. You have the right to your own no-pet policy. But, if that tenant has a service or support animal, it ceases to be a pet, and you legally have to allow it.