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Protect financed investments of rental property over the winter, it's eaiser than you think. Ideally, your rental property wouldn’t remain vacant over the winter — and of course you should continue advertising your vacant properties despite the weather conditions.
Turn Off Outdoor Faucets & Hoses
Make sure to turn all your outdoor faucets off and disconnect the hoses. If you have an older home that does not have frost proof faucets, turn off the valve located inside your home. Also, make sure to cover outdoor faucets using insulated covers and prevent pipes from freezing. Disconnect all hoses and drain out any excess water remaining in the faucets, which will in turn prevent frozen pipes from bursting. It is important to keep in mind that any water left in pipes can freeze if temperatures drop down too low.
Cover or Remove Air Conditioning Units
Did you know that it is possible for heat to escape from window air conditioning units? Therefore, it is best to remove all air conditioning units from the window and store them away until summers return. If it is difficult to remove the unit, close all vents and cover the unit properly. Units placed outdoors can also get damaged due to the winter leaves and dirt, which can result in formation of rust. Cover the outdoor units with a waterproof cover to enhance their life expectancy and performance.
Tune Up Your Furnace
Don’t wait until winter knocks on your door to see whether your furnace is working or not, instead give it a quick tune up ahead of time. A clean furnace performs best, provides maximum heat and improves the indoor air quality.
Check Extinguishers & Smoke Detectors
During the colder months, people tend to use more electrical appliances, which can lead to potential house fires. In the fall check all extinguishers and smoke detectors. Make sure their gauges are in good working condition.
Set the Thermostat at 50 Degrees Fahrenheit
If your rental property is empty, set the thermostat at 50 degrees Fahrenheit, to prevent pipes from freezing. Also, keep the bathroom cabinets and kitchen sink cabinet doors open to allow warmer air circulate around the pipes.
These simple tips are easy to perform, won’t burn a hole in your pocket, and will maintain your rental unit's value, improve energy efficiency and may even reduce energy bills. Timing is everything when preparing your rental property for the harsh winter ahead and these tips are only effective if put them into action prior to the cold temperatures. Remember, a little prevention can save you plenty time and money in the long run!
Are you planning to buy your first or second investment property and have questions about getting finance or refinance? Contact our Rental Home Financing experts Today at 888-375-7977.