Don’t Let Your Rental Property Go Up in Smoke
A fire at your investment rental property can lead to a lot of devastating events, both for you and your tenants. If the property ends up uninhabitable, your tenants will need to find alternate living arrangements and you will lose an income. And, of course, let’s not talk about the cost of rebuilding and repairing or dealing with your insurance company.
Your safest bet would be to reduce the chances of your atlanta rental property ever encountering a fiery situation by taking a few safety precautions. Being proactive can benefit both you and your tenant. Here’s what you can do.
Smoke detectors are very important in a home. Not only can they save lives by alerting to smoke and fire danger, but they can also minimize the overall damage. Most lease agreements advise that it is the tenant’s responsibility to keep the smoke detectors functioning well by testing them and replacing batteries regularly. Unfortunately, you cannot always count on this.
Be sure you are testing and replacing the batteries at least annually.
When you purchase an investment rental property, you should always have an inspection done to ensure the safety of the electrical wiring throughout the home. However, if you suspect that there is faulty wiring or that something has been tampered with, address it immediately. Keeping open communication with your tenants is a great way to be notified of any of these issues.
When it comes to fire hazards, unclean gutters put your rental property at an extremely high risk. Leaves and other debris piled up in gutters (or on the roof) dries out and becomes an extreme hazard. Be proactive and have your gutters cleaned a couple of times each year.
In addition, cut back trees and any overgrown debris that could contribute to a fire. Do not overlook the outdoors when taking precautions.
Choosing to have a rental property inspections twice per year can increase the safety of your property from fire, or any other type of damage. While you cannot control human error, you can take steps to prevent most common issues in your rental home. Make it known to your tenants what you expect from them as far as fire safety and let them know you will make two announced inspections. During that time, you do not have to be invasive. Instead, look for overloaded electrical outlets (since they are one of the most common causes of house fires), change batteries and test smoke detectors, and also take a look at the outside of the property to address things such as gutters and debris.
Create a plan now to protect your investment rental property – before it is too late. It is in your best interest to follow some basic plans for safety and maintenance of your rental home.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Atlanta Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube,Bigger Pockets and REI CLub and LinkedIn.