Increasing Your Income Though Rental Properties

2012-02-28
By: Advocate Brokerage

With the economic uncertainty and the unstable housing market, more people are attracted by rental properties to supplement their income. Making this kind of investment can effectively lower a monthly mortgage payment. We at Advocate Brokerage understand rental properties and have a few suggestions when investing in a new rental unit.

1. Landlords need to make sure that their rental unit or property complies with all government codes for wiring, heating, and plumbing and approved by the appropriate inspector.

2. If the unit is converted from a one-family residence to a multifamily structure, a professional should do the work after acquiring the appropriate permits.

3. All rental units must be equipped with smoke and carbon monoxide detections and fire extinguishers.

4. Landlords should make sure that all carpets, steps and other potential trip/fall hazards are minimized and that the sidewalks and driveway are free from defects.

Rental properties do have risks associated with them, but at Advocate Brokerage, we give you the piece of mind with by working with you to design the best coverage for you and your property. We insure both your property inside the unit as well as limited premise liability to make sure that you are protected. When planning your income property, contact us for assistance in protecting your rental property.

Post written by DGI.