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Investing in property is one of the best ways to earn passive income, increase savings and build wealth. However, there are a lot of things that property investors have to do to make sure that their investments are kept safe. If you have rental properties, you must do as much as you can to increase your property security and keep your tenants safe. With that in mind, consider some of the tips below to keep your property safe and secure.
But first, if you would like to learn more about how mortgage lenders value proper property security and how it can help you get the best deals, click the link below to book a free strategy call today.
Why is property security so important?
There are a lot of reasons why property owners should invest in property security upgrades and improvements to make properties safer. Here are a few of the biggest reasons to make sure that your property is as secure as possible:
One of the primary reasons why it’s important to improve security for investment properties is that it protects your investment. Properties with minimal security measures are much more vulnerable to crime than properties with good security. Investing in property security is a proactive way to protect an investment and prevent loss.
Gives peace of mind
Investors who have properties that are safe and secure typically have better peace of mind. Constant worries about intruders on a property can take a toll on investors and distract them from their goals. Knowing that your property is secure can make a huge difference in your overall stress level.
Reduces insurance premiums
Investing in property security measures can save investors money by reducing insurance premiums. When insurance adjusters quote insurance policies, they consider the security of the property to determine how much coverage is necessary and what kind of liability there is on the property. Properties with more comprehensive property security measures won’t be as costly to insure as properties with poor security.
Another benefit of investing in property security is that it can boost the value of a property. This is especially relevant for residential properties where security is a major consideration for potential buyers. By making an investment in property security, investors can maximize their returns and make more money in the long run.
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How to improve security at investment properties
It’s very important for investors to improve security at their properties, but a lot of investors aren’t sure where to start. Thankfully, there are some simple steps that investors can take to boost security without breaking the bank. Here are some of the best tips for investors to follow to keep their properties safe and secure:
Inspect and check for weaknesses
Before anything can be done to improve a property’s security, it’s important to inspect it and check for weaknesses. Walk the perimeter of the property and consider places that might be vulnerable to intrusion or other safety risks. Take notes of weak spots and plan how to reinforce the perimeter and improve the security of the property.
Start with entrances
One of the first things that investors should focus on when it comes to property safety is the security of entrances. Boost security by installing a double-cylinder deadbolt or access control system to keep intruders out and give tenants a greater sense of security. It’s also important to make sure that the locks for your property’s doors are changed every time a tenant moves out.
Another thing that can make a big difference when it comes to property security is lighting. Installing more exterior lighting can be a deterrent to potential intruders and give tenants a greater sense of security. Consider installing motion-activated floodlights that turn on when motion sensors are triggered. Not only does this help with property security, but it also makes it easiest for tenants to see pathways and get home safely.
Outsource security monitoring
As a landlord, you can’t be everywhere at once. If you manage multiple properties, or your property is located a significant distance away from where you live, it might be difficult to stay on top of security monitoring. With that in mind, it’s a good idea to outsource security monitoring tasks to a property manager or security company. Having a property manager onsite can also make it easier to keep the property clean and well maintained and make sure that tenants are abiding by their lease agreements.
Get better insurance
A lot of investment properties are underinsured, leaving property investors with huge expenses in the event of a break-in or other unexpected situation. Investing in better insurance is worth it for the added sense of security and protection and you will be glad that you had it if anything ever happens on your property.
Consider security cameras
Installing security cameras is another great step to take towards improving the safety of your property. Even the presence of security cameras can be enough to deter potential intruders. Security cameras can also give tenants a better sense of security so that they feel more comfortable and happier in their homes. Security cameras also make it much easier to investigate crimes in the event that some kind of criminal activity takes place on the property. Video evidence of intruders or other crimes can be shown to the police to make it much easier for them to apprehend whoever is responsible.
The simple act of posting warning signs around a property can make a huge difference in crime deterrence. Research has demonstrated that would-be intruders are far less likely to target properties with signs that indicate that the property is monitored or protected by a security system, even if there aren’t actual security systems installed.
Security is an incredibly important consideration for investors to take into account. Neglecting security on a property can cause all kinds of problems, so it’s important to be as proactive as possible when securing a property. The sooner you get to work on some simple security tips, the better off your property will be and the sooner you can enjoy the many benefits of improved security for investment properties. With some simple, manageable steps, it’s possible to improve your property’s security significantly.
Now, if you would like to learn more about how mortgage lenders value proper property security and how it can help you get the best deals, click the link below to book a free strategy call today.