If you‘re interested in investing in coastal rental properties, it is a good idea to make sure you are aware of any potential problems that can arise in regard to your properties. Although waterfront properties can be incredibly beautiful and picturesque, they can also be generally expensive and require an extensive amount of maintenance. It’s also a good idea to be aware of common problems that can arise with coastal rental properties, and what you can do to resolve them.
Common Problems That Arise With Coastal Rental Properties: Water Damage
Coastal properties are more vulnerable to water damage of all types. Coastal properties are more likely to experience severe weather and natural disasters like hurricanes and tidal waves. These properties are also likely to experience more minor types of water damage like floods, leaks, and mold.
As a real estate investor, you can prepare yourself for this type of water damage by investing in good insurance. Purchasing flood insurance is an especially good idea for coastal rental properties. You should also keep your tenants informed of the necessary emergency procedures and provide them with an emergency kit. Although it’s likely that you will experience water damage, following these cautionary measures can help you reduce its effect on you and your properties.
Pests also tend to be more common in coastal areas. Rats and mice particularly thrive on the coast. As a coastal property owner, you should be vigilant of the signs of a rodent infestation. Signs of pest infestation include: an actual rodent, dead or alive, droppings, gnaw marks, damaged goods, nests, greasy rub marks, and noises in the walls.
If you notice a pest infestation, you should seal up all holes or cracks bigger than a quarter with caulk and screen all windows and vents. Make sure to clean up all fruit that can fall from trees, keep garbage covered, and store dry food (even pet food) in tightly sealed containers. Don’t hesitate to call a professional if you need help with your pet infestation.
Common Problems That Arise With Coastal Rental Properties: Higher Insurance Premiums
Because of the higher risk for severe weather, you’re likely to experience higher insurance premiums on your coastal real estate properties. Coastal rental properties and homes within five miles of the coast will always demand a higher price in terms of insurance premiums. It’s a good idea to plan ahead and budget for this possibility before you buy coastal rental properties.
If you’re aware of the potential for water damage, pest infestation, and higher insurance premiums, your experience with investing in coastal rental properties will be less surprising and more successful. Researching the potential problems that can arise with coastal rental property will help you be prepared and able to handle problems once they arise.
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See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education, and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agents, brokers, investors, hedge fund managers, rehabbers, wholesalers, and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that it does not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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