Purchasing an older rental property in Azalea Park can be quite a good buy, primarily if you’re able to add the upgrades it might need. But as leasing properties decline, so do their essential systems, such as the plumbing, heating and cooling, and the electrical system.
As electrical wiring gets old, it can cause several difficulties. Older wiring may cause utility costs to go up. Adding big appliances, new lighting fixtures, or technology hubs to an aged wiring system can cause electrical shocks, blown fuses, and overheated outlets. Older electrical wiring is also a major fire hazard. It starts over 5,000 house fires in the U.S. each year.
When the time comes to upgrade the wiring in your rental property, there are quite a few specific do’s and don’ts you must notice in order to save your investment property – and your occupants – from inconvenience.
- Do utilize sanctioned professionals to carry out the work. A regular contractor or laborer simply doesn’t carry the capability required to upgrade wiring
- Do accept several offers for the job. The lowest offer may not be the best rate, but employing the first electrician you call may cost you. Do your research by matching offers with industry means.
- Do look at the desires, both present and future, of your occupants. If your occupants have electricity-related needs, it’s important to think about whether the total of pleasing their bid is higher than the demand to replace them.
- Do look at upgrades that use smart technologies. More and more occupants are interested in integrated smart technologies in their home. While not urgent, a rental property that has smart technology may promote a larger rent payment and help you find terrific, lasting occupants.
Being aware of what not to do is also important.
- Don’t overlook wiring glitches to try and save money. The longer the problems stay, the more liability you create in the event of a fire. Taking care of problems ahead will support both you and your property.
- Don’t take a risk to upgrade electrical wiring by yourself, and don’t ask or allow your occupants to act on it, either. A licensed, experienced electrician is the only individual you should trust to upgrade your property’s wiring.
- Don’t pay for upgrades you don’t really need. Quality is crucial, as is keeping your occupants happy, but anything beyond the nitty-gritty is most likely not going to boost the value of your property enough to make it worth the time, money, and effort.
To know more about electrical upgrades, maintenance plans, and other property management services offered by Real Property Management Freedom, please contact us online or call us at 407-624-4706 today!