Owning an older rental property in Lake Stevens can be a good investment, especially if you are willing to perform necessary upgrades. As rental properties age, so do their essential systems, such as the plumbing, heating and cooling, and electrical systems.
As electrical wiring gets older, it can cause several problems. Older wiring is also not very efficient and may increase utility costs. Adding heavy appliances, new lighting fixtures, or technology hubs to an old wiring system can cause electrical shocks, blown fuses, and overheated outlets. Aged electrical wiring is also a fire hazard, starting over 5,000 house fires in the U.S. each year.
When it’s time to upgrade the wiring in your rental property, there are many dos and don’ts you should know to safeguard your investment property—and your occupants—from injury.
- Do hire experts to do the job. Ordinary contractors or handymen don’t have the skills needed to upgrade electrical wiring.
- Do receive separate quotes for the job. You may not get the best value by contracting the first electrician you call. Compare quotes you receive with each other and with industry standards.
- Do think about the needs, both present and future, of your occupants. If your occupants have electricity-related requests, it’s important to determine whether the cost of fulfilling their requests is higher than finding new residents.
- Do consider upgrades that promote smart technologies. Many occupants are curious about integrated smart technologies that extend the benefit and protection of their home. While smart technologies are not a necessity, a rental property that is ready for smart technologies may increase rent and attract lasting occupants.
At the same time, identifying what not to do is just as important.
- Don’t ignore wiring concerns to try and save money. The longer the issues remain, the more liable you will be in the case of a fire or other accident. Fixing wiring problems early will safeguard both you and your property.
- Don’t try to upgrade electrical wiring by yourself, and don’t ask your residents to do it either. A licensed, experienced electrician is the only person who should upgrade your property’s wiring.
- Don’t pay for upgrades you don’t need. Following safety standards is important, as is making your occupants happy, but anything beyond basic upgrades and safety features will probably not increase the value of your property enough to make it worth the time, money, and effort.
To learn more about electrical upgrades, maintenance plans, and other property management services offered by Real Property Management North Puget Sound, please contact us online or call us at 425-903-8500 today!