Once a person has purchased a piece of Colorado investment property, they need to think about how to protect that investment. Whether the it is a single family residence or a multi-family unit, these top tips for owners can help maintain the value of your investment.
Installing deadbolts for doors and locks for the windows will help to deter possible theft of the property. Having an alarm system not only lowers the threat of a break-in, it can lower the cost of insuring the property.
Identify and get rid of fire hazards from the outside and inside of the dwelling. Pay particular attention to the kitchen area. Install smoke detectors and keep them in working order. Get a fire extinguisher and keep it handy. Make sure whoever is occupying your Colorado investment property knows how to use it.
If your property is used as rental income, insurance coverage can protect the contents if a break in or fire happens. This can save a Colorado investment property owner some headaches along with helping with replacement costs.
Maintaining the condition of the building can help an owner avoid liability costs later. Ask the tenants to report any safety or security issues. Fix broken steps and make sure the doors are not damaged. Keep plumbing and furnaces in working order.
If a safety issue arises, fix it within twenty-four hours. To help prevent safety issues, use a check list and do routine maintenance at least twice a year. Owning real estate and renting it out comes with the responsibility of upkeep so that future problems can be avoided. These top tips can help an owner identify and prevent any problem areas from becoming a huge cost later.
If you would like to find more about Colorado Investment Property, give us a call today! 720-306-8017