Owning a rental property comes with a long list of liabilities. Techniques to keep your investment property safe investment safe is a priority for you as the owner, as well as for the tenants who use your property! Knowing the local laws for rentals, being prepared for emergency financial costs, and outfitting your home with proper safety measures will allow you the confidence you want in your investment.
Ways to Keep Your Investment Property Safe: Know the Laws
Be aware of your responsibility as a property owner or “landlord”. According to Law Depot, ignorance of these rules can result in damage to your property, a decrease in property value (or even an inability to rent the space out to residents), or legal issues between you and your tenants. Do your research! Know what precautions you need to take, what the zoning laws are in your area, and what you are required to provide in your property as dictated by your regional housing codes.
The initial purchase of any property is not the end (by far) of your financial responsibilities to that property. From natural disasters to accidents to residential negligence, to the natural wear and tear of time, damage accumulated to your investment is inevitable. Be prepared with sufficient and thorough insurance coverage! According to Harbor Insurance, making sure you’re properly covered at the lowest rate available should be a top safety priority. Be wise with your insurance choices—you don’t want to be taken advantage of with expensive packages and policies—but be comprehensive in what you procure coverage on. Hazard and fire insurance, flooding insurance, sewer insurance, and broad insurance like loss of income or general contractor insurance can save you from costly accidents in the future.
Ways to Keep Your Investment Property Safe: Outfit Your Home with Protection
Identify the vulnerable spots on your property (they differ from house to house!) Once you have accounted for every breakable, intrudable spot on your exterior, implement appropriate precautions to reinforce their strength. According to Mashvisor, you should invest in security measures like full security systems, solid bolting for your entrances, blinds, and curtains to impede prying eyes, and outdoor lighting that will ward off tempted burglars. Pay attention to hazards within the house as well: fire hazards, functional appliances, and alarms, mold growth, plumbing concerns, etc. Consider hiring a property inspector to fully evaluate the condition of your home, as they are trained to notice the issues you may otherwise overlook.
Take care of this investment that you are counting on to be lucrative! This requires some time and funding, but the safe and secure outcome will be well worth it.
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