Getting a previously owned rental property in Toano can be quite a steal, especially if you’re ready to make the kinds of improvements it probably needs. But as rental properties age, so do their essential systems, such as the plumbing, heating and cooling, and the electrical system.
As electrical wiring becomes worn, it can cause many serious problems. Outdated wiring is already inefficient and may even raise your utility costs instead of lowering them. You can kiss goodbye your plans of adding large appliances, modern lighting fixtures, or technology hubs because an old wiring system is prone to electrical shocks, blown fuses, and overheated outlets. Older electrical wiring is also a serious fire hazard, and it is the leading cause of 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 some specific do’s and don’ts you should know to protect your investment property – and your residents – from harm.
- Do hire qualified professionals to complete the work. Although a general contractor or handyman can probably solve primary tasks associated with wirings, they don’t have the expertise necessary to upgrade wiring in the right method.
- Do get various bids for the work. The cheapest bid may not be the best preference, but hiring the first electrician you call may cost you. Do your preparation by analyzing bids with industry standards and with each other.
- Do acknowledge the needs, both present, and future, of your residents. If your residents have specific electricity-related demands, it’s necessary to weigh whether the cost of fulfilling their request is higher than needing to replace them.
- Do ponder on upgrades that promote smart technologies. More and more renters are drawn to integrated smart technologies that improve the comfort and security of their home. While not strictly required, a rental property that is smart technology ready may help with raising the rent and attract excellent, long-term residents.
On the other hand, recognizing what not to do is equivalently essential.
- Don’t disregard wiring problems in an attempt to avoid spending money. The longer the problems persist, the more liability you create in the event of a fire. Addressing issues early will protect both you and your property.
- Don’t try to upgrade electrical wiring by yourself, and don’t require or enable your residents to do it, either. A licensed, trained 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 content, 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 learn more about electrical upgrades, maintenance plans, and other property management services offered by Real Property Management VA Peninsula, please contact us online or call us at 757-251-9188 today!
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