How to Prepare Your Multifamily Property for Winter Before the Spring Renting Season
A big part of multifamily real estate investing is performing seasonal tasks to be ready for the next renters or to upkeep your property. Some of these can include making sure that the weather is not going to destroy your buildings or pipes, and some can include giving empty rentals a facelift before the spring tenants arrive.
Some of the things that you will need to check inside of the various residences you own or manage include pipes, HVAC, fireplaces, alarms and seals. Depending on your area, your pipes may be in danger of freezing during the winter. By turning off the water to empty residences, insulating as many of your pipes as possible and inspecting your pipes for cracks, you can better keep them from freezing. Much of the same process goes for checking your HVAC system. Your tenants may be relying on this system for heat, especially if you do not have fireplaces. Checking the seals around doors and windows can also help your tenants stay warm.
Fire safety is always important, and so is cleaning out fireplaces and chimneys before and after the winter cold. You will also want to check your alarms to make sure that they are detecting smoke as well as carbon monoxide, have fresh batteries and are clearly heard in all your units.
Multifamily real estate investing can mean putting money into improving the outside of a complex before the winter weather makes it dangerous. You will want to check things like the health of the roofing, pipes and sidewalks as well as clean out the gutters, changing the bulbs in the lighting and even providing rugs for outside landings. All of this can help keep the moisture and slip dangers to a minimum both inside and outside of your property.
The key to getting your tenants to help with winterizing your properties is communication. You will need their help to get the maintenance done because they have to provide access to their residences. If you have a shared thermostat, then you will want to communicate to find the right temperature to meet all your needs. You will also want to coordinate emergency plans such as who is responsible for which snow removal, what numbers to call in an emergency and more.
Multifamily real estate investing means more than just purchasing the property and making money. You will want to make sure that your investment properties are winterized properly so you can be ready for spring renters.