Maintaining your property isn't just about increasing revenue, whether you're planning to rent out the property or fix it up and flip it. In fact, there are many improvements you can make to the property that may simply decrease your liability. Decreased liability is important for several reasons:
- It can prevent expensive civil fines
- It helps keep renters and visitors safer
- It helps protect your other properties and your reputation
Try some of these improvements to help decrease your liability as an investor.
1. Install a safety fence around the pool.
If a child falls into the pool while no one is watching, disaster can strike in an instant. By installing a safety fence around the pool, you ensure that you, as the owner of the property, won't be liable for any accident that occurs as a result of someone entering the pool without permission. A safety fence should provide convenient access to the owner or renter of the property while effectively keeping out anyone who doesn't belong.
2. Fix up that old, softened deck.
If the wood on the deck is starting to soften, it could be a sign of a structural problem. Add too much weight, and the entire thing could come crashing down, causing serious injury to everyone on it at the time. As the property owner, you are liable for keeping up with maintenance on the property--and if an accident does happen, you're the one responsible.
3. Check windows and screens.
Many children suffer injury from falling out of windows each year. Take the time to update your windows and screens, from installing proper child locks to ensuring that the screens remain in good repair. Screens are an inexpensive investment that can make a big difference in overall safety on the property.
4. Add good lighting and respectable door and window locks.
You want your tenants to be as safe on the property as possible. Make sure you adhere with local regulations to help ensure their safety, including quality locks and good lighting to make the property very visible.
Property improvements aren't just about increasing revenue for your property. They're also about keeping your tenants safer and decreasing your liability. Try some of these strategies to decrease liability on your properties.
