It should go without saying that you have full cover insurance for your investment property. But instead of having the ambulance at the bottom of the cliff (so-to-speak) here are five things you can do to reduce the risk of damage or costly repairs. 

Provide adequate security

While your tenant may be cautious enough, it is still good practice to install things such as deadbolts, fixed screens on windows, and even alarm systems. There is certainly the risk of uninvited people making a mess of your property, so you should really do what you can to keep them out.

Ensure your tenants understand how to use the various features properly, and urge them to make the most of the added security as it is as much for their benefit as it is yours.

Provide the tenant with the right tools

It is now law that all rented properties must have smoke alarms (check out the guidelines here), and it is purely best practice to comply with these regulations.

You should also do your best to provide tenants with the right tools in order for them to look after your property as well as they possibly can. For example, does the bathroom have adequate ventilation in order to prevent mould and mildew build up? Are there curtains and heating provided (fireplace/heat pump) in order to keep the tenant from having to use less desirable forms of appliances in the winter (i.e. portable gas heaters which create a lot of condensation and are a health and safety hazard).

If you are able to set up the property with the correct fixtures, fittings and appliances, you will reduce the risk of a tenant setting up their own solution that may not be satisfactory.

Use a property manager

A property manager is one of the best assets for protecting your investment property. Why? Because they have the right expertise to both protect your home from undesirable tenants, and then ensure the ones living there are careful and considerate.

By selecting a dedicated property manager, you can work in a partnership to put things in place which will then help to mitigate any risk of potential damage, or too much wear and tear. They should be doing regular inspections to make sure the property is being looked after correctly, and staying on top of maintenance issues before they get too serious.

Read more: Top 6 property investment myths - busted! 

Start as you mean to go on

By creating a low-maintenance, easy care property, then you are likely to encounter less problems to do with repairs. Yes, it is a tenant’s responsibility to look after your home, but if you can set them up with a great property right from the start, then this can increase the chance of them really caring about keeping it clean and tidy.

You can set the standard, and help your tenant keep it that way. This also includes ensuring you respond quickly to any maintenance requests - there is no point in leaving something to get worse, which could risk greater damage to your property.

Don’t assume - take action

The way people live in their homes is obviously a unique and personal experience. But you can help guide the way people live in your home if you are prepared from the start. This includes things like - making sure you always take a bond, having a formal written contract, doing a walk through at the beginning of the tenancy to discuss things like whether you would prefer blue tack to be used over pins, and if they would like to fix anything to the walls - that they can contact you to assist.

Perhaps you have just got new carpet put in? Let them know you’d appreciate shoes to be removed where possible, or you could supply them with mats for the floor.

Risks of damage to a rental property can never be completely removed, but they can be minimised. By maintaining open, respectful communication, you can increase your chances of having a happy tenant looking after your investment to the best of their capabilities.

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Here's an extra tip - download our free eBook below, it has lots of great information on how to keep risky tenants out of your investment property.