I've just had a "what if my worst nightmare came true" as a landlord moment flash!
Hypothetically if I buy and renovate a home, pay a licensed electrician, builder, plumber to do all the relevant work, but what happens, hypothetically if I left a nail sticking out somewhere eg kitchen and the tenant decides to trip and lands face first on the nail blinding them?
Or
I tile the bathroom, over time, one of the tile lifts up, kid trips over it, and cracks their head on the vanity,
Or
I polish existing floorboards and kid decides to see how much stomping he can do while mummy and daddy are out, falls through, and needs leg amputated?
Are all these situations that I will be liable for and need to consider?
If so, would buying each property in separate trusts be the way to go so If I get sued for millions, then they only have recourse for one ip?
Thanks everyone
Hypothetically if I buy and renovate a home, pay a licensed electrician, builder, plumber to do all the relevant work, but what happens, hypothetically if I left a nail sticking out somewhere eg kitchen and the tenant decides to trip and lands face first on the nail blinding them?
Or
I tile the bathroom, over time, one of the tile lifts up, kid trips over it, and cracks their head on the vanity,
Or
I polish existing floorboards and kid decides to see how much stomping he can do while mummy and daddy are out, falls through, and needs leg amputated?
Are all these situations that I will be liable for and need to consider?
If so, would buying each property in separate trusts be the way to go so If I get sued for millions, then they only have recourse for one ip?
Thanks everyone