Being a landlord can be a great way to generate passive income. It also holds the possibility of causing major legal problems. As a landlord, you will have many liabilities against which you must guard. Below are three safety measures that will help you to safeguard your rental property.
Keeping a rental unit safe begins with your tenants. Background checks can help you with much more than just making sure the tenants will pay the rent. If you rent to a dangerous individual, there’s a small chance others could try to hold you liable for his or her actions. A quick background check will help you to eliminate unsafe tenants and keep your property in better condition. Don’t let yourself get into trouble because you were unwilling to pay the small fee for a background check.
Fires are distressingly common, especially in rental properties. From cooking accidents to faulty wiring, these incidents can destroy your income property. If you want to keep the property safe, it’s a good idea to install proper fire safety equipment. Depending on your state, you may even be required to have some kind of fire suppression or warning system in a rental unit. At the very least, make sure you have fire alarms and some kind of fire extinguisher present. If you are going to install a fire safety system, always make sure to have the professionals, like those at Nor Cal Fire Protection, do the work—it helps to further guarantee the safety of your tenants and your property.
Alarm systems should be a no-brainer for most landlords. While it’s true that the personal property inside your rental unit will be covered by the tenant’s renter’s insurance, property damage can still occur during a home robbery. If you have a good alarm system, you can help to reduce that damage. Such a system also helps to reduce your liability, especially if the tenant wishes to claim that your negligence was at fault. Having a well-constructed alarm system that contacts the police will help to show that you have taken the necessary steps to keep your property secure.
Always make sure to keep your rental properties safe. Not only will this help you to safeguard your investment, but it will allow you to better protect those living in your property. In time, your reputation as a safety-conscious landlord might help you to get more tenants. Proper safety really can pay off in the long run.
Emma is a freelance writer currently living in Boston, MA. She writes most often on education and business. To see more from Emma, say hi on Twitter @EmmaSturgis2