Spotting an older rental property for sale in Brentwood can be quite a bargain, especially if you are aware and willing to spend on the kinds of change it will inevitably need. The fact that rental properties age means their essential systems like plumbing, heating, and cooling and more importantly the electrical system also needs to be upgraded.
As electrical wiring becomes worn, it can be a source of many serious problems. Older wiring is not going to work as well as their normally would when they were first installed which means you risk having increased utility costs. Adding large appliances, new lighting fixtures, or technology hubs to an old wiring system can cause electrical shocks, blown fuses, and overheated outlets. Older electrical wiring is also a serious fire hazard. It is important to note that in the U.S alone, the outdated electrical wiring is the cause of over 5,000 house fires each year.
When the time comes to upgrade the wiring in your rental property, there are some definite do’s and don’ts you should know to protect your investment property – and your residents – from harm.
- Do choose licensed professionals to complete the work. A general contractor or handyman simply doesn’t have the expertise needed to upgrade wiring well.
- Do arrange several propositions for the job. The lowest proposal may not be the greatest value, but selecting the first electrician you call may cost you. Do your preparation by examining bids with industry averages and with each other.
- Do recognize the needs, both present, and future, of your residents. If your residents have specific electricity-related needs, it’s relevant to consider whether the cost of meeting their request is higher than needing to replace them.
- Do consider upgrades that sustain smart technologies. More and more renters are attracted to integrated smart technologies that increase the convenience and safety of their home. While not strictly necessary, a rental property that is smart technology ready may support higher rent and attract great, long-term residents.
On the other hand, knowing what not to do is equally important.
- Don’t overlook wiring problems to try and save money. The longer the issues continue, the more obligation you create in the event of a fire. Addressing problems early will protect both you and your property.
- Don’t try to upgrade electrical wiring by yourself, and don’t ask or let your residents to do it, either. A licensed, experienced electrician is the only person you should grant to upgrade your property’s wiring.
- Don’t pay for upgrades you don’t need. Quality is important, as is making your residents happy, but anything beyond the basics is probably not going to increase the value of your property by enough to make it worth the time, money, and effort.
To discover more about electrical upgrades, maintenance systems, and other property management services offered by Real Property Management Investor’s Choice, please contact us online or call us at 615-810-9578 today!