Successful real estate investors know the importance of staying on top of landlord-tenant law. Just as you may have some expectations from your tenants, such as paying the rent on time, tenants expect landlords to meet certain conditions before and during the tenancy.
Providing a safe and well-maintained property is a requirement you will find in a standard lease and rental agreement. If your investment home is located in a hazard-prone area, it means preparing it for natural disasters ahead of time. That said, protecting your investment property from the elements doesn’t have to be a pain. Following are some tips to help property owners keep their houses safe.
- Speak to Your Insurance Agent
Whether it is floodwaters, hurricane-force winds, or hail, investors should be mindful of potential disasters that may affect the area so they can secure the right insurance policy. For example, flood insurance is a separate policy from homeowners’ insurance that doesn’t typically cover damage or destruction by floods.
Flood insurance is available through the federal National Flood Insurance Program (NFIP) for homeowners in high-risk areas and other participating communities.
- Invest in Disaster-Proof Materials
Some cities and counties are more vulnerable than others to high winds from storms, tornadoes, and hurricanes. If your investment home is in area where bad weather is common, you may want to implement wind-resistant features, such as hurricanes shutters, storm windows with double panes and airtight seals, and even impact-resistant shingles.
Other important additions include fortified garage doors or clips and straps to secure your roof. For earthquake-prone areas, consider strapping water heaters and large appliances to the walls or bolting them to the floor.
- Cut Back the Tree
While most mature trees are appealing to buyers and renters, some may become diseased or severely damaged and pose serious risk to those living in the home. First and foremost, go around your property and identify suspicious-looking trees. Just make sure to check local regulations around removing trees as some ordinances may prohibit tree removal on private property without a permit. If the tree is outside your property, you’ll most likely need to get your town or city involved.
There are a number of tree removal services that can safely trim or cut down decaying trees. Make sure to get a handful of estimates to save money as this can be expensive.
Are you ready to invest in real estate and see the value it can provide? RLG would love to help you! Call us today to learn more.