Purchasing an older rental property in Fort Mohave can be a great deal, particularly if you’re eager to make the sorts of improvements it will most likely demand. But as rental properties age, so do their fundamental systems, such as the plumbing, heating and cooling, and the electrical system.
Because electrical wiring becomes deteriorated as time goes by, it can cause many serious problems. Older wiring is not very efficient and may increase utility costs. Adding large appliances, new lighting accessories, or technology hubs to an old wiring system can generate electrical shocks, blown fuses, and overheated outlets. Older electrical wiring is also a severe fire hazard, creating over 5,000 house fires in the U.S. each year.
When the time nears to improve the wiring in your rental property, there are a few specific do’s and don’ts you should remember to defend your investment property – and your residents – from injury.
- Do hire authorized specialists to complete the work. A general contractor or handyman doesn’t have the expertise required to upgrade wiring rightly.
- Do get numerous proposals for the job. The lowest bid may not be the best value, but choosing the first electrician you call may cost you. Do your homework by analyzing propositions with industry averages and with each other.
- Do acknowledge the requirements, both now, and tomorrow, of your residents. If your residents have particular electricity-related wants, it’s necessary to consider whether the cost of satisfying their demand is higher than needing to replace them.
- Do contemplate getting upgrades that promote smart technologies. More and more renters are drawn toward integrated smart technologies that enhance the ease and safety of their home. While not inevitably necessary, a rental property that is smart technology ready may hold higher rent and draw great, long-term residents.
On the other hand, knowing what not to do is equally important.
- Don’t overlook wiring predicaments to try and save funds. The longer the problems continue, the more obligation you create in case a fire occurs. Addressing issues as soon as possible protects both you and your property.
- Don’t attempt to upgrade electrical wiring on your own, and don’t demand or permit 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 settle for upgrades you don’t fundamentally need. Quality is crucial, as is making sure your residents are comfortable, but anything exceeding the norm is presumably not going to improve the value of your property by quite to make it worth the time, money, and trouble.
To learn more about electrical upgrades, maintenance plans, and other property management services offered by Real Property Management Northern Arizona, please contact us online or call us at 928-757-7368 today!
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