Top 8 Tips In Managing Rental Properties During A Serious Illness

So you’ve decided hand over the work on managing rental properties because of your serious illness. You’re willing to learn how to manage rental properties rather than outsourcing every aspect. There’s a lot things to consider in managing properties. The contracts, upkeep, and late fees may seem daunting.

A Table of Contents for Managing Rental Properties:

Before We Get Started

1. The First Tip Is Friends and Family
2. Employ A Professional Maintenance Company
3. Look At Critical Illness Cover
4. Your Savings
5. Your Investments
6. Support From The Government
7. The Seventh One Is A Mortgage Holiday
8. Check your Insurance Cover

I’m going to be sharing with you three top tips on how to deal with a rental property during a serious illness.

1. The First Tip Is Friends and Family Managing Rental Properties. 

Friends and family are very very important during this time. Particularly if they live locally. If they live locally, they can pop down to the property for you and help in any case that they can’t help. Whereas it could be for maintenance purposes, they could pick up the phone and call the right people to get to know the right maintenance person down there. If it’s something that you know could be done quite quickly or locally then friends and family would be the first point of call to help you.

2. Employ A Professional Maintenance Company

The next thing you can do is employ a Professional Maintenance Company. This will give you peace of mind, at least you know that they’re experienced in this field, and what you need to do is you need to check for reviews and recommendations from other clients that perhaps use them.

3. Look At Critical Illness Cover

The third tip is how are you going to cover all of this financially. So you could look at critical illness cover. If you have critical illness cover you can actually utilize that to help you through this challenging time. 

4. Your Savings

How much savings do you have? Do you have enough savings that you can perhaps draw on your savings to help you get through this difficult point? 

5. Your Investments

Do you have an investment that you can liquidate or turn into cash and that cash could help you to get through the difficult period?

6. Support From The Government

Can you get any kind of support from the government? Can they help you in any particular way?

7. The Seventh One Is A Mortgage Holiday

Can you get a mortgage holiday that will give you a mortgage relief for a few months to keep to get you through that difficult period? Is there something that you could perhaps look at? 

8. Check your Insurance Cover

For example, your place of work. Your place of work might have an insurance cover that can cover you during this time of your illness. Whilst you can never be fully prepared for incidents like illness at least there are a few things that you can perhaps consider to put in place to help you through that situation. 

***Remember at our company, we offer services to purchase, refinance, to release equity from the property. If that’s helpful, you can also approach us. We offer a free consultation to discuss a few things with you to see what would be a good fit for your situation. So feel free to contact us. I’ll put the contact details in the description below.