HomeKnowledgehome and officeWhy it pays to be strict on dangerous property conditions

Why it pays to be strict on dangerous property conditions

As an owner of the property, one of the most important focuses you can have will revolve around property conditions. If your property is not in the best condition, it can reduce interest and the return on investment. Renters and tenants will raise concerns with you, and it might make it harder to build a consistent income. You might find that due to poor (or even dangerous) property conditions, you need to reduce or even suspend rent payments until the problem is resolved.

Hold on doing anything about the issue, though, and your tenants could press on with a complaint. This could be anything from a letter from your local authority to a notice from a legal expert, meaning you could face a premises liability claim. This becomes expensive and harmful to your reputation, making it hard to continue building your property empire.

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Therefore, as a property owner, focusing clearly on any potentially harmful or dangerous property conditions should be a priority. When done correctly, this can help you avoid facing litigation and deal with the reputational and financial damage that this can bring.

Another serious benefit of acting now is cutting down the cost of repairs. When a tenant notes a structural issue or something that should raise eyebrows, do not ignore it. Property damage does not self-repair: if something is broken or leaking etc., it will not fix itself. It will not simply go away. The problem will worsen, the relationship with your tenants/renters will erode, and the repair bill will only increase.

Spend now, save later

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The main benefit of taking proactive action on such issues, though, is the savings you can make in the long term. If you act now, you can stop a minor issue from becoming a major expense. Dealing with the beginning of a dampness problem can prevent you from going for major, extensive repairs to fight off mold and other irritations.

Basically, the more you can fix at the onset of the problem, the less it will cost you. Yes, it means making more frequent repair payouts. But it means avoiding the big payouts that negatively impact your cash flow and liquidity.

Paying out for every little issue in your property can feel like a headache. It can feel like a case of death by one thousand tiny cuts and costs. However, it is better to have to deal with a leaking pipe or the presence of mold due to a roofing problem than it is to rip out the entire room. Or have to repair the entirety of the kitchen due to a leaking pipe that has now burst.

Think about the benefit of the smaller costs in two ways. One, you repair the problem before it becomes a major headache. You show your tenant/renter that you care and do not want them living/working in squalor. Also, you show care for your long-term reputation.

You do not become a nefarious property owner who does nothing to keep properties in good condition. You can justifiably ask for higher rental rates because you go the extra mile to resolve property problems before they worsen.

Act now to avoid needless reputational damage

If nothing else; it means avoiding having to find thousands for major repairs. It might annoy having to find hundreds of your currency to pay for a small repair; finding thousands for a near renovation is much harder.

Protect yourself, your reputation, and your assets. When dangerous property conditions are made clear to you, do not hold off on acting. The sooner you act, the quicker the problem is resolved, and the easier life becomes for your renters/tenants. In the complex world of property ownership, that is about as win/win as you are likely to find.

 

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