Many of the properties subject to break-ins, thefts and vandalism are vacant or going through renovations to prepare them for sale or the next tenant. It’s truly disappointing to arrive to show a house that was finished only two days before and see it broken into and missing key components like stoves, ovens, air conditioning, the furnace, water heater, and maybe even copper plumbing and electrical wiring. These tips can help mitigate these types of losses to avoid set-backs in getting your clients’ return on investment.
Every state, city or local municipality has different codes and requirements that residences and buildings must abide by. These change over time as new ordinances or codes are enacted, and. in the case of a covered loss at one of those buildings, the location will need to be brought up to current code during the repair process in order to pass inspections. If your investor’s property does not meet current building codes, Ordinance or Law is an important coverage to consider.
Use these downloadable resources to provide valuable tools to your real estate investor clients.
Investors can use this log for each of their properties to track when smoke detectors are checked to be sure they are in operable condition and batteries replaced. This should be done at least twice per year.
Investors can use this checklist as part of their annual maintenance practice to identify and make a plan to repair potential risks of property damage or liability exposures at their properties.