So you've taken the plunge and purchased an investment property, good on you! Now you need to put this property to work earning it's keep. Before you do that though there are a few things you need to take care of before renting out your property.

• Get any maintenance or repairs required done (it will be easier to rent out if these are already taken care of plus it will be much faster and easier to get done while the property is vacant)
• If you are planning on doing any upgrade work (eg new bathroom, kitchen etc) to make your property more rentable now is the time to do this too.
• You may have got this done as part of your pre-purchase due diligence but best practice for landlords is now to do a P/Meth test before and after each tenant.
• Sort out insurance for the property. Landlord specific insurance is different to normal house and contents insurance as it covers you for risks such as loss of rent due to factors outside of your control. Make sure you read the fine print though, as with all insurance, not everything is created equal.
• Get all your paper work in order such as a Residential Tenancy Agreement and Bond Lodgement Form so that you're all good to go once you put the house on the market.
• Develop relationships with tradespeople so that when there are any urgent repairs you've got good go-to people to turn to.
• Figure out what market rent is for your property. Chat to local agents and have a look on rental sites like TradeMe or RealEstate.co.nz to ensure you're pricing your property right.
• Decide where to advertise your property and prepare the information required to advertise (eg photos, description etc)

The information contained in this article is of a general nature and should not be taken as advice. It reflects the opinions of the writer only and does not necessarily reflect the opinions of New Zealand Home Loans.

If you'd like to chat to one of our team about Landlord specific insurance just fill out the contact form below and we'll be in touch.