When you purchase a new property, it may be difficult to determine what needs to be fixed or adjusted first. You might be reluctant to invest extra money in a home you already spent so much to acquire. For some areas of the property, this can be reasonable, while others shouldn’t be ignored.
In this article:
What to Upgrade or Replace
The following items should be upgraded or replaced, despite the condition they’re in, each time you purchase a new property. You’ll increase safety for your tenants and save yourself a lot of headache once you begin renting out your property.
The property’s locks should always be changed, even if they are functioning fine. This is a safety precaution, as you can’t be sure who previously had the keys.
This one is really important because a leaking toilet can lead to a huge water bill. The reason for this is because a leaking toilet continues to run—24/7. Fix it now to avoid any unexpected charges.
Thankfully, the fix is pretty simple. You don’t even have to replace the whole toilet, just the system inside.
Smoke Alarms and Fire Extinguishers
A new set of these will have you covered for the next few years if your tenants leave them alone. (If you’re using alarms that are battery-operated, they’ll need to have the batteries replaced each year.) Not only will this save you time and worry, it will also ensure the property is safer in case of an emergency.
Adding new energy-saving light bulbs will help in reducing the electricity bill, so the replacement is worth it. Plus, there will be less time between when your tenant calls to ask if you can replace a bulb. One of these energy-saving bulbs can last you for nine years (or 18 years, if it’s a double-life bulb).
Special Electric Outlets
These aren’t always required, but they can be really helpful in certain areas. Special outlets will shut off on their own if electricity goes through paths like water or a body, so they help in ensuring tenant safety. They run more expensive than normal outlets, but they are much better in terms of safety. Some places will even require them by law if the outlet is near the bathroom, kitchen top, dryer, or washer.
Ensuring your new property includes new versions of each of these items is strongly recommended. Use this as a guide for what to replace so that you don’t regret it down the road. Your property management company might also remind you of these changes.