Owning a property is one of the most prudent ways to invest your money. In most cases, the value of your property will increase over time, and collecting rent is a great way to grow your return on investment too. However, try as you might, sometimes your tenant may give you more nightmares than a horror flick.
Here are some common issues that landlords run into with their tenants:
- Late or Non Payment of Rent
Even in the best of economic conditions, this is an age-old problem for landlords and it becomes much worse when the economy experiences a slowdown. Your tenants would give you thousand-and-one sob stories or even start ghosting your WhatsApp messages or calls.
- Runaway Tenant
After skipping a couple of months’ rent and avoiding your calls and messages, you make your way to your property to confront the tenant only to find an empty unit. They’ve vacated your property and run off without settling the arrears.
- Damaged Property
Now that your property has been vacated, you discover that your ex-tenant paid little to no attention in maintaining your property; broken tiles, leaking pipes, dirty toilets, malfunctioning air conditioners and the list goes on.
Unfortunately, current Malaysian laws relating to rental and tenancy tend to favor the tenant and so any attempts to seek legal redress against your tenant/ ex-tenant may be a long shot.
Thankfully, a good home insurance has an option for landlord protection which can limit the material and financial damage from a bad tenant. Get a free quote from us for home insurance with guaranteed lower premiums and protection against malicious damage by tenant, runaway tenant, and also claims for legal fees to issue Letter of Demand.