Looking Ahead as a Property Owner
While there is no such thing as a crystal ball, there are a few indicators to help owners and investors gain some sense of what the year will bring as it relates to investment property.
One thing that seems to remain constant is the need for vigilance on some key areas of the home—and planning for the potential inevitable investment. A great example—suggestion to install gutters on a home with a high pitch roof that has none and is showing signs of wood rot (water damage) at the base of the home. Initial expense- yes, but perhaps saving hundreds on future water damage repairs and/or termite issues.
According to Home Advisor: “What do mold, pests, old windows and carbon monoxide have in common? They're silent, hidden and can become serious health (and financial) hazards if left unchecked.”
Home Advisor has identified several areas or issues for vigilance:
- Unknown Termite Problem
- Environmental Threats (asbestos, radon gas, lead paint, toxic mold)
- An Inefficient Water Heater
- Improper Dryer Exhaust Venting
- Leaky Plumbing
- Carbon Monoxide
- Water Damage
Virtually all of these items are routinely evaluated by FPM property managers either during a renewal inspection or upon move out of a tenant. FPM property managers are not trained home inspectors but they do know symptoms and evidence of potential issues. They look for things like evidence of termite damage, the dryer exhaust venting, the condition of the plumbing throughout, operational smoke and gas detectors, gutter conditions (or lack thereof) and so on. They record the presence of lead based paint based on property age and secure certified vendors for work to be executed.
While an inefficient water heater and minor plumbing leaks most directly impact the tenant’s use of water, the damage and/or risk incrementally over time is a concern for the owner. FPM’s property managers are sticklers about detecting possible water intrusion as the results can be invasive: mold, water damage or risk of explosion and health implications.
While no one can accurately predict these things 100% of the time, having a dedicated property manager who is trained and in the habit of looking for these concerns is a great way to protect and better predict the mitigation of such catastrophes
Disclosure: First Place Management Properties, LLC is "not" a real estate brokerage and does not lease or sell properties.
All sales and leasing activities are conducted through FPM Properties, dba. & First Place Management, Inc. both are licensed Florida Real Estate Brokerages.
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