Obtaining an older rental property in Kyle can be a lucky deal, especially if you’re prepared to make the kinds of improvements it probably needs. However, as rental properties age, so do their essential systems, such as the plumbing, heating and cooling, and the electrical system.
Eventually, electrical wiring will wear out, and if and when that happens it can cause some serious problems. Older wiring is not as efficient as it was when it was first installed for obvious reasons, and continued use of it will soon increase utility costs. Adding large appliances, new lighting fixtures, or technology hubs to an old wiring system can be the reason for possible electrical shocks, blown fuses, and overheated outlets. It would be responsible to remember that in the U.S alone old electrical wiring is the reason for causing over 5,000 house fires each year making the decision not to change wiring a severe fire hazard.
When the time comes to upgrade the wiring in your rental property, there are some specific do’s and don’ts you should know to protect your investment property – and your residents – from harm.
- Do opt for licensed experts to carry out the work. A general contractor or handyman honestly doesn’t know vital to upgrade wiring correctly.
- Do get many bids for the job. The lowest bid may no longer be the best value, however hiring the first electrician you call can also cost you. Do your homework by using a strategic comparison of the bids with industry averages and with each other.
- Do plan for current desires and what you ought to possibly need in the future and of your residents. If your residents have particular electricity-related needs, it’s essential to think about whether or not the cost of satisfying their request is more significant than needing to replace them.
- Do think about upgrades that support smart technologies. More and more renters are involved in integrated smart technologies that increase the comfort and protection of their home. While not strictly necessary, a rental property that is smart technology ready can also allow higher rent and appeal to great, long-term residents.
On the other hand, understanding what not to do is just as important.
- Don’t disregard wiring issues to try and save money. The longer the problems persist, the more liability you create in the event of a fire. Addressing issues while in its early stage will shield both you and your property from unforeseen circumstances.
- Don’t try to upgrade electrical wiring on your own, and don’t ask or authorize your residents to do it, either. A licensed, experienced electrician is the single person you should grant to upgrade your property’s wiring.
- Don’t spend on upgrades you don’t need. Quality is quintessential, as is making your residents happy, but anything exceeding 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 learn more about electrical upgrades, maintenance plans, and other property management services offered by Real Property Management LoneStar, please contact us online or call us at 512-520-9060 today!
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