Investment properties can be a great financial decision. It can be a great way to obtain a second property and build credit and equity. However, investment properties require the highest of safety standards. Your investment property will be rented weekly, monthly, or yearly by renters. They expect and deserve to have a place that is safe and secure. Some states and cities even have minimum safety standards for rental properties. When preparing your investment property for renters, remember the following safety features.
Locking and security devices Regardless of the location of the investment property, your home or commercial building should have multiple security features. This includes locks on all the doors, the ability to lock any windows, and in some cases, an alarm and monitoring system capability. Break ins can, and do occur. When they occur, you or your insurance policy will be responsible for any damages incurred and any items that were stolen.
Safety regulations Depending on the city and county of your investment property, you are likely to be required to have certain safety regulations. This might include egress windows or specific heights and dimensions of walls or dividers. Each bedroom may have to have a set number of windows for ease of escape. If you have any fireplaces in your property, you may be required to have regular cleanings of the chimneys. All outlets and electrical functions will need to be inspected prior to rental and then again, every couple of years that you continue to rent out the investment property.
Fire prevention and fire system monitoring Your investment property will need to include fire prevention systems and fire notification systems. This means appropriate sized ventilation hooding and proper electrical wiring work. It also means regular inspections of things like the stove and the furnace. The home or commercial property will also likely need to be equipped with a commercial fire alarm that can notify residents and the fire alarm inspector of any fire problems or emergencies. Hotel and motel fires cause an estimated 15 deaths and 150 injuries every year. Regular fire alarm inspections by a qualified fire alarm inspector and commercial fire sprinkler systems can prevent your property from being included in one of these statistics.
Fire sprinklers and fire extinguishers may be necessary in properties that are larger, or in commercial properties that hold a lot of people at once. Fire sprinklers can be extremely beneficial in cases of building fires. In fact, the National Fire Protection Association (NFPA) has no record of a fire killing more than two people in a completely sprinkled building where the system was properly operating. The sprinkler system quickly extinguishes the fire, reducing the amount of damages.
Regular inspections Simply putting fire prevention and notification systems in plan are not enough. Fire notification systems can easily malfunction or stop working over time. This is especially true if they are not used frequently, which is often the case. A fire alarm inspector should inspect all fire prevention tools, minimally every year. If your investment property changes tenants, you will also want to have it re inspected. Additionally, regular inspections can protect you from liability concerns if a fire does occur with any damages.
Commercial fire protection and regular fire alarm inspector services are crucial when you are renting a property to tenants. With appropriately timed regular inspections and the existence of fire prevention equipment, you can drastically reduce the chance of any property fire. The combination of automatic sprinklers and early warning systems in all buildings could reduce overall injuries, loss of life, and property damage by at least 50%. Ensure that your investment property is prepared for any emergency problems.