Purchasing an older rental property in Verona can be a dream come true especially if you are prepared to do some renovations that it presumably needs. However, the fact is rental properties age, and with that so do their essential systems such as the plumbing, heating and cooling, and the electrical system.
As electrical wiring turns shabby and worn, it can trigger many difficult nuisances for you. Wiring that has not been replaced for an extended period is not very efficient, and you can safely assume that it may increase your utility costs. If you are planning to add large appliances, new lighting fixtures, or technology hubs to an old wiring system, then you will have to think twice about that as there is an increased possibility of electrical shocks, blown fuses, and overheated outlets. Older electrical wiring has also been the leading cause of serious fire hazard, in the U.S alone it has caused over 5,000 house fires each year.
If you are about to upgrade the wiring in your rental property, bear in mind these specific do’s and don’ts you should know to protect your investment property – and your residents – from harm.
- Do choose licensed professionals over a general contractor or handyman to complete the work. A general contractor or handyman doesn’t have the expertise needed to upgrade wiring precisely.
- Do get many propositions for the job. The lowest bid may not be the best value, but hiring the first electrician you call may cost you. Do your preparation by analyzing proposals with industry averages and with each other.
- Do weigh the needs, both current, and future, of your residents. If your residents have specific electricity-related needs, it’s necessary to find whether the cost of fulfilling their request is higher than needing to replace them.
- Do consider upgrades that support smart technologies. More and more renters are interested in integrated smart technologies that increase the convenience and safety of their home. While not strictly necessary, a rental property that is smart technology ready may support higher rent and attract great, long-term residents.
On the other hand, knowing what not to do is equally important.
- Don’t overlook wiring problems to try and save money. The delayed response in these issues will result in more liability for you 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 allow your residents to do it, either. A licensed, experienced electrician is the only person you should trust to upgrade your property’s wiring.
- Don’t pay for upgrades you don’t need. Quality is essential, as is making your residents happy, but anything beyond the basics is probably not going to increase the value of your property by enough to make it worth the time, money, and effort.
To know more about electrical upgrades, maintenance plans, and other property management services offered by Real Property Management Greater Madison Metro, please contact us online or call us at 608-310-1290 today!