Adding an investment property to your portfolio is a great source of passive income. That being said, anything that comes with high rewards is often followed by high risk. Mitigating this risk is key to ensuring you get the best out of your investment. Aside from choosing reputable tenants and undertaking renovations to increase property value, mitigating risk also means keeping your investment property as safe as possible from potential ne’er-do-wells. Here are four tips to help you get started.
Consider Potential Openings
Walk around the exterior of the building. Take note of all the windows and doors you see. Chances are, thieves will see those too while casing the place. Double cylinder deadbolts on all the doors will add an extra layer of security insomuch as they prevent someone from smashing an adjacent window and reaching around to unlock the door. In addition to this, window locks will likely deter them from even trying.
Install External Lighting
Getting caught is the last thing a burglar or vandal will want to risk when breaking and entering. Floodlights, preferably motion-activated ones, are effective for two reasons. Firstly, the brightness will light up their face, revealing not only their whereabouts but what they look like. Secondly, a light turning on suddenly gives the impression that someone is home, and that is a risk most will be unwilling to take.
Invest in a Security System
There are dozens of great security systems on the market today, protecting your tenants and your investment. A system may even help you attract potential renters! Most thieves will think twice before attempting to enter a property with a security system sign out front. In the case they do, the authorities will be alerted immediately. Some homeowners will choose to have the security contract set up under the tenant’s name as the City of Calgary does charge fees for accidental calls to a residence.
Maintain Up-To-Date Documentation
Not all criminals will be deterred by locked doors, bright lights, or a sign on the lawn. Maintain up-to-date documentation on all your furnishings and appliances. Include a picture, description of condition, and even a serial number where possible. This will help you to determine what was taken or damaged in the unfortunate case of a break-in or theft.
Following the above tips will drastically reduce the chances of a break-in or vandalism at your investment property. To find out how our team at GIL Property Management can help improve the safety of your investment, send us a message today!