Many people consider real estate as one of the greatest investments that money can buy. First of all, the market value of most properties rarely goes down. Secondly, any landowner can earn more money not just by buying and selling – but through renting them as well. It can be considered as a form of passive income, where the effort one should exert to earn money is from little to none.
Whether for residential or commercial purposes, renting out your property can be challenging as well. This kind of business will require frequent maintenance, especially for those structures that are decades old or neglected by the lessee. One of the points that should be constantly checked is fire prevention.
Prevent fire from happening in your rental property by following some of these tips.
1. Check the electrical connections.
As time goes by, electrical wirings may also become defective as it ages. Though most of these connections are not exposed, there are elements like heat and moisture that can alter their quality. Especially when you have a house that is more than a decade old, contact an experienced and licensed electrician that can inspect and repair damages on the spot.
2. Invest in fire protection equipment and supplies.
No matter how much you would like to prevent starting a fire, there is still a possibility that it can happen at any time or any day. It is always a must to have fire prevention or protection equipment and supplies readily accessible. Mandated by the government or not, it can save lives and protect your property. Did you know that fire extinguishers have an expiry date? Make sure to inspect them regularly and take them to authorized service centers when needed.
3. Getting the service of fire watch guards.
If your property already has a fire protection system but turned out to be faulty, the state may require you to hire fire watch guards. They are security personnel that can ensure the fire can be prevented while the protection systems are underdoing maintenance. Though some would only hire them due to the mandate by the law, they could be very helpful in pointing out the areas where a fire could start. It is not hard to find one, as some of the fire watch guard companies can be contacted through social media.
4. Include some rules and regulations in the contract when someone will rent your property.
It is highly recommended for those who would like to rent out their property to have specific dos and don’ts for their tenants. This will ensure that the lessee will use the property in the way you prefer. In doing this, it will help in preventing the installation of specific equipment or activities that can cause a fire.
Renting a property is a great investment, however, they would need maintenance in time. Aside from ensuring the safety of its physical structure, do not forget the importance of fire prevention. This accident can easily damage the property and could even cost a life. This is the reason why owners should invest in securing their properties against fire.