Consider yourself lucky if you were able to buy an older rental property in Temple. It can be quite a bargain especially if you are more than happy and ready to make the kinds of improvements it will need. Because rental properties age, their essential systems like the plumbing, heating, and cooling may need to be upgraded too, but perhaps the most critical system that would require an upgrade is the electrical system.
Electrical wiring upgrades are not cheap, but it needs to be done. As rental properties age, the wiring also becomes worn which can potentially give you plenty of serious problems. Older wiring deteriorates over time and is ineffective. Instead of saving money, it can increase utility costs. Adding large appliances, new lighting fixtures, or technology hubs to an old wiring system can cause electrical shocks, blown fuses, and overheated outlets. Older electrical wiring is also a severe fire hazard, creating over 5,000 house fires in the U.S. every year.
When the time comes to upgrade the wiring in your rental property, there are some specific do’s and don’ts you must know to shield your investment property – and your residents – from harm.
- Do employ licensed specialists to do the entire work. A typical contractor or handyman doesn’t know necessary to upgrade wiring precisely.
- Do get several bids for the job. The lowest bid may also not be the best value, nevertheless hiring the first electrician you call may additionally cost you. Do your homework by measuring proposals with industry averages and with each other.
- Do think about the needs, both present, and future, of your residents. If your residents have unique electricity-related needs, it’s important to reflect on whether the cost of pleasant their request is more significant than needing to replace them.
- Do consider upgrades that support smart technologies. More and more renters are fascinated by integrated smart technologies that extend the comfort and safety of their home. While not strictly necessary, a rental property that is smart technology ready may additionally support higher rent and appeal to great, long-term residents.
On the other hand, knowing what not to do is equally important.
- Don’t bypass wiring problems to attempt and save money. The longer the problems persist, the higher the liability you create in the event of a fire. Addressing issues early will protect both you and your property.
- Don’t try to upgrade electrical wiring by yourself, and don’t ask or permit your residents to do it, either. A licensed, experienced electrician is the only character you have to have faith to upgrade your property’s wiring.
- Don’t pay for enhancements you genuinely don’t need. Quality is essential, as is making your residents happy, but anything past the basics is in all likelihood not going to extend the value of your property by enough to make it worth the time, money, and effort.
To learn more about electrical upgrades, upkeep plans, and other property management offerings presented by Real Property Management Apex, please contact us online or call us at 254-732-1599 today!
If you’d like to do more research about renovating and upgrading your rental property, check out these blogs:
- Property Owners vs Residents: Who Benefits from Upgrades to Your Copperas Cove Rental Property?
- The Pros and Cons of Belton Rental Property Upgrades
- Color Psychology: Making Your Temple Rental Property More Inviting
- Upgrading Your Harker Heights Rental Property to a Smart Home: Thermostats, Lighting, and Locks
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