Acquiring an excellent vintage rental property in Castro Valley can be quite a bargain, especially if you’re more than ready to make the kinds of enhancements it would eventually require. But as rental properties age, so do their essential systems, such as the plumbing, heating, and cooling, and more importantly, vintage homes will need to upgrade their electrical wiring too.
Now, all homes need to be updated to a certain level of reliable power and because electrical wiring age, it can end in severe problems down the road if left unchanged. Older wiring is not very safe and, instead of saving you money, it can do the exact opposite and increase your utility costs. You can say goodbye to large appliances, new lighting fixtures, or technology hubs as an old wiring system can cause electrical shocks, blown fuses, and overheated outlets. Older electrical wiring is also a severe fire hazard, causing over 5,000 house fires each year in the U.S. alone.
When the time comes to upgrade the wiring in your rental property, there are some explicit do’s and don’ts you should know to preserve your investment property – and your residents – from injury.
- Do hire authorized specialists to perform the work. A general contractor or handyman simply doesn’t possess the expertise required to upgrade wiring rightly.
- Do get several bids for the job. The lowest bid may not be the best value, but picking the first electrician you call may cost you. Do your homework by comparing bids with industry averages and with each other.
- Do consider the needs, both present, and future, of your residents. If your residents have specific electricity-related needs, it’s important to think whether the cost of fulfilling their request is higher than needing to replace them.
- Do consider upgrades that support smart technologies. More and more renters are interested in integrated smart technologies that increase the convenience and safety of their home. While not strictly necessary, a rental property that is smart technology ready may support higher rent and attract great, long-term residents.
On the other hand, knowing what not to do is equally important.
- Don’t neglect wiring problems to avoid spending. The longer the problems persist, the more liability you create in the event of a fire. Addressing issues early on will protect both you and your property.
- Don’t try to upgrade electrical wiring by yourself, and don’t ask or allow your residents to do it, either. A licensed, experienced electrician is the only person you should trust to upgrade your property’s wiring.
- Don’t pay for upgrades you don’t need. Quality is essential, as is making your residents happy, 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 Masters, please contact us online or call us at 510-398-8704 today!
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