Rental properties for many people are a great source of income. However, there is one aspect owners should always keep an eye for when renting their property; and that is the safety of their property. There is no denying that to have a safe investment, a certain level of responsibility rests on the shoulders of the owner because it is their duty.
Renters expect to rent a property that is safe and functioning that will not put them in any danger or risks. The renters have a contractual obligation to keep the property they rent clean and not damaged to please the owner of the flat. In return, an owner needs to cross off a list of routine checks that are extremely necessary to avoid any issues.
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4 Steps for Having a Safe Investment Property
Physical Condition of the Property
Owning a property that passes the minimum physical requirements is solely reliant on the owner. There is a legal rule called the Implied Warranty of Habitability. The law clearly states that a landlord needs to be sure that the property is habitable when tenants move in and throughout the tenancy period.
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Removing Any Hazards from the Property
Electrical wiring, plumbing, heating systems and carbon monoxide detection are the main list of hazards that could affect tenants renting your property. Any faults in these areas can result in damages to the property or injuries to tenants, which is even worse. Injuries to tenants because of a faulty electrical wire can place you as an owner at risk of a lawsuit because it is the responsibility of the owner to prevent these problems from happening. Safety checks are key to owning a safe investment property.
Security of the Property and Tenants
The security and safety of your tenants should be of paramount importance. Tenants who feel unsafe living in a rental property are more than likely to leave because of the risks they feel. As an owner it is an obligation to invest money in good security systems, which includes secure windows, doors and intercom systems. For example, an experienced owner should voluntarily change the locks of the door once new tenants move in to avoid the risk of other people having a key to the property door.
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Lease Agreements and Property Rules
Keeping your property safe means that you have to have safety measures to protect your interests from tenants for example. Having lease agreements that cover all aspects of the rental period like damages, hazards (outside your control) and theft of belongings is strongly recommended. The most common issue landlords face is damages to property that leaves their property at a constant risk and in need of repairs that cost a lot of money. Airtight lease agreements with your tenants are one way of protecting your property to keep it safe.
Reviews
The real estate market depends on reviews and reputations. A rental property that has seen bad reviews from tenants because of hazard risks or structural faults results in a loss of profit for the owner. For example, Airbnb hosts rely on positive reviews to make their properties more demandable by guests. So negative reviews especially ones that concern safety of tenants in the property are extremely damaging to an owner. Airbnb and traditional property owners must understand the consequences of risks to tenants because of complacency or lack of attention to details.
Having a safe investment property is more work, it can’t be denied. But the extra work a landlord will put in to have a safe investment that is fully operational removes any liability of harm or damages to tenants or property from the owner. The risk becomes lower on the landlord to take responsibility. Safety procedures for properties are not a recommendation but they are an obligation of a landlord to the tenant to keep them safe.