Important Considerations for Maintaining Your Investment Property
Good property owners know that there’s more to being a great landlord than having hot properties with tenants that pay their rent on time. Renters expect to live or work in a building that is clean, safe and properly maintained. What was originally a great investment can turn south with a lack of attention and care for your residential and/or commercial spaces, and no landlord wants to develop a bad reputation. Keep these things in mind.
A building that is unsafe is a problem for everyone, especially your tenants. From onsite security to making sure that the property is safe to live or work in, it’s your responsibility to stay on top of the functionality of the place. Improper electrical wiring, plumbing and HVAC systems aren’t just a minor nuisance, they can be a serious threat to everyone’s well-being. You should regularly assess the condition of your property, answering questions like, “Is my elevator up to code?” and “Is there adequate security throughout the day?”
Having Proper Insurance
As a property owner, you’re usually required to have some type of insurance that covers damages due to fire, water and other weather events. It’s important that you don’t skimp by purchasing the bare minimum coverage. Think carefully about what your building is used for and review your existing policies to make sure they’re sufficient.
If you had an exterior wall that was showing signs of damage with cracking, spackling over the cracks would be a cosmetic repair at best. Fix problems as they arise at the source. These issues won’t go away with a surface-level fix. At worst, you’re delaying resolution of the issue which may lead to more costly fixes in the long run.
You owe it to your business interests as well as your tenants to take care of your property. It’s your duty to make sure that it’s a safe place to be. Taking care of problems as soon as they arise and making sure your property is covered are a part of responsible ownership.