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Covering Your Investment, An Assessment

Covering Your Investment, An Assessment

This article covers a number of topics to ensure your investment property liability and cost is minimised. Making sure you have the best insurance cover, are claiming depreciation on your property via your tax, having compliant smoke alarms and gas appliances and keeping your mortgage interest rate low are all methods to ensure maximum return, tenant safety and a successful investment experience.

Landlord Insurance Assurance

Landlord insurance is simply a non-negotiable. But, you should be assured that your cover is the best cover to avoid hefty costs in a wide variety of often unforeseeable situations.

Most general insurers and banks offer a form of landlord insurance, but there are many dedicated providers that provide a much more comprehensive cover at very competitive prices. General and bank insurances often only cover rent default and malicious damage which attract high excesses.

Insurers such as EBM Insurance, Terri Scheer and Property Insurance Plus are all dedicated insurers with comprehensive covers for circumstances such as:

  • Pet Damage
  • Accidental Tenant Damage
  • Death of a Tenant
  • Drug Lab Clean-Up
  • Rent Default
  • Legal Expenses
  • Malicious Tenant Damage
  • And more

It’s important to speak directly with the insurer to get more specific information and advice about what is covered by their policy. For more information about the above insurance providers you can visit their websites:

Terri Scheer – https://www.terrischeer.com.au

Property Insurance Plus – http://www.pi-plus.com.au

EBM Insurance – https://www.ebminsurance.com.au


Tax Depreciation Appreciation

Tax depreciation is recommended for recently renovated properties or brand new properties, but can be done on properties of all ages. A professional tax depreciation survey allows you to claim depreciation on various parts of your property to allow a tax deduction on your taxable income for the decline in value of an asset due to wear and tear.

Items such as ovens, dishwashers, hot water systems, as well as doors, floors and walls can all be depreciated in a property.

BMT Tax Depreciation is an excellent company that can assist by sending a Quantity Surveyor to create a report that your accountant can use to claim depreciation on your taxable income.

You can contact BMT Tax Depreciation or find out more information via their website or by calling on the details below:

BMT Tax Depreciation – https://www.bmtqs.com.au or 1300 728 726


Smoke Alarm Calm

Smoke alarms are a legal obligation in Victoria to have in all properties. It’s the landlord’s responsibility to ensure the smoke alarms are installed and positioned correctly and that the alarms are in a working order.

Tenants need to ensure that they report faulty smoke alarms promptly so the property is protected in the event of a fire.

There are companies that perform regular smoke alarm maintenance for a yearly fee. For example, at Savoy Real Estate we utilise the service of Smart House Australia who attend properties on a yearly basis for landlords who agree to the service.

On attendance, Smart House check the positioning and functionality of the smoke alarms as well as carry out a variety of tests on each unit in the property. The company is also available during the year as part of their service to attend should an alarm become faulty.

For more information about Smart House Australia and the service they provide, you can visit their website below:

Smart House Australia – http://smarthouseaustralia.com.au


Gas Appliance Compliance

Having gas appliances in your property serviced and carbon monoxide tested on a regular basis is important for the health and safety of your tenants; particularly gas heaters including ducted heating systems.

Carbon monoxide is a dangerous chemical that can cause severe illness and death. It’s because of this that it is important for landlords to service and test appliances regularly.

Smart House Australia (mentioned above) provides a service that can regularly test these appliances to ensure they aren’t leaking. Alternatively, you can engage your preferred plumber who is licensed to perform gas fitting works to service and test your appliances.

For more information about the service that Smart House Australia provides, you can visit their website below:

Smart House Australia – http://smarthouseaustralia.com.au


Mortgage Liability Auditability

Many mortgage holders don’t take the time or take up a service which can potentially find you a better fit in terms of your financial situation and mortgage liability.

Ensuring that you work with a capable broker can keep your cost and interest rates low and increase the profitability of your investment. There are so many options out there for mortgages that it can be hard to navigate on your own.

Savoy Real Estate works closely with Mortgage Life Home Loans to ensure our clients are getting the best deal when it comes to their mortgage.

You can find out more about Mortgage Life Home Loans and the services they offer by visiting their website or calling on the details below:

Mortgage Life Home Loans – http://www.mortgagelife.com.au/


Call Paul Heisler on 0438 110 210


Should you have any questions about covering your investment and maximising your investment property return, feel free to contact Savoy Real Estate on 1300 328 848, we’ll be happy to help.


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