Preparing Your Rental Unit for Winter: Tips for Protecting Your Investments and Tenants
Preparing rental properties for winter keeps your tenants safe and comfortable, all while protecting your unit and real estate investment business. Use our checklist and tips to get your rentals—and tenants—ready before winter settles in.
Inspections Prevent Costly Problems
Prepare for the colder months by inspecting your rental. You can’t prevent or fix issues you aren’t aware of, so stay ahead of expensive repairs or emergencies by checking these items.
Heating Systems
One of the leading causes of fires in US homes is heating equipment. Between 2016 and 2020, heating equipment fires caused an estimated one billion dollars in direct property damage each year.
Schedule a professional inspection of the heating systems. Include the central heat systems, water heaters, fuel burners, and boilers in your review. Bleed radiators and ensure proper functionality.
Now is also a good time to replace air filters and clean ducts to improve efficiency and indoor air quality.
And if it’s time to update the heating system, consider installing a programmable thermostat. They can adjust your rental’s heating and cooling settings to keep your tenants comfortable and decrease utility bills. Many utility companies offer rebates on eligible smart thermostats, so check with your provider before purchasing and installing.
Fireplaces and Chimneys
Fireplaces and chimneys were responsible for 22% of the annual direct property damage caused by heating equipment between 2016 and 2020. If your rental property has a fireplace, hire a professional to clean and inspect both the fireplace and chimney. Ensure the damper is working properly, and confirm that fire extinguishers are charged and functional.
Carbon Monoxide and Smoke Detectors
Carbon monoxide (CO) is a colorless, odorless gas created when fuels like wood, natural gas, and oil don’t burn completely. According to the National Fire Protection Association, over 50% of the CO incidents reported in the US occur between October and February.
It’s not just large amounts of CO that are dangerous. Long-term exposure to low levels of CO can also cause CO poisoning. That’s why testing your CO detectors and smoke alarms is so important.
Make sure your CO detectors and smoke alarms are functioning and change the batteries if needed. Give the alarms a good cleaning to ensure the sensors are free of dirt and debris. Replace smoke alarms after 10 years from the manufacture date. Your local fire department may offer free inspections, testing, and battery changes. Just call the nonemergency number to ask and set up an appointment. Some fire departments will even install smoke alarms for free.
Insulation and Weatherproofing
As colder weather sets in, drafts become much more noticeable. But those drafts are more than just chilling. They also increase your rental’s energy bills. Perform a home energy audit to check for gaps, cracks, and openings in windows, doors, and walls. Many power companies have audit programs to help identify areas where you can improve your rental’s energy efficiency.
Sealing air leaks around windows and doors can save over 20% on heating and cooling bills, so it pays to invest in weatherstripping and caulking. To improve your property’s energy usage even more, inspect and reinforce the insulation in the attic, basement, and crawl space. By lowering your property’s energy consumption and utility bills, you’ll improve your operating expense ratio and cash flow.
Plumbing and Pipes
Another way to improve energy efficiency is to insulate exposed pipes. In the summer, condensation can collect on pipes, slowly corroding pipes and fittings. In the winter, exposed pipes may freeze and have the potential to burst. Insulating the pipes helps maintain the temperature from pipe entry to exit, which reduces energy loss and utility bills.
Check your rental’s faucets and water lines for leaks, then repair any issues. Talk with your tenants about allowing a slight drip from faucets during extremely cold weather to prevent pipes freezing.
Roof and Gutters
Inspect your unit’s roof for any damage, leaks, or missing shingles and repair as needed.
Falling leaves often clog gutters and downspouts, so clean them out to prevent ice dams and water damage that can affect the roof, walls, foundation, and landscaping. If you notice any of these issues during your inspection, the gutters need attention:
• Insects and pest nesting in gutters and downspouts
• Stains on siding near downspouts and gutters
• Stains on the ceiling or in the attic.
• Sagging gutters or disconnected downspouts
• Plants growing in the gutters
Outdoor Maintenance
Check your investment property for overhanging branches and trees. Heavy snow, ice, or strong storms can knock down branches, which can damage your roof or take down power lines. Trim any trees or branches that may fall during a storm. But don’t trim branches or trees that are near power lines. By law, only certified line clearance tree trimmers can work on trees near power lines. If your property has trees touching power lines or branches that may fall on the lines, contact your utility company.
Most water damage claims are filed in January and February, when temperatures are coldest. Prevent frozen or burst pipes by draining and storing outdoor hoses. Shut off outdoor water faucets and insulate any exposed pipes and faucets.
Lower the risk of slips and falls by providing your tenants with ice melt or sand at the start of the season or before a winter storm hits.
Planning for Emergencies during Winter Storms
Having an emergency plan in place before a crisis happens is crucial for protecting both your tenants and your investment property. Emergency action plans (EAP) help reduce damage and personal injury. Now is the time to create an EAP if you don't already have one.
Consider the Location
Where is your rental property located? Hurricanes, wildfires, tornados, or blizzards usually affect certain regions, so as you build your EAP, focus on events that are most likely to happen in your area.
Review Monitoring and Alarm Systems
Multi-unit properties often have safety systems like sprinkler systems, smoke alarms, carbon monoxide detectors, and emergency lighting. Check with the contractors who installed the systems to see what training they provide on testing and maintaining the systems.
Update Evacuation Routes, Contact Information, and Emergency Kits
State and local laws often require rental units to post evacuation routes in a rental’s common areas. Check the requirements for your area, and provide your tenants with emergency contact information in case of maintenance issues or crises.
If you have a short-term rental property, consider keeping an emergency kit in the unit with these supplies:
• A first aid kit
• Flashlights
• Batteries
• Masks
• Disinfectant wipes
• Matches
• Candles or lanterns
• Bottled water
• Local maps
Check the emergency kit annually and refresh the supplies as needed.
Train Your Tenants
• Inform tenants about any specific winter-related responsibilities, such as keeping the heat on to prevent frozen pipes.
• Provide guidelines for proper ventilation, heating system usage, or portable heaters.
• Create a plan for addressing maintenance emergencies during winter.
• Teach tenants how to shut off the water and gas.
Update Your Property Insurance
Have you made any big updates to your rental property this year? If so, let your insurance agent know. Significant updates to investment properties—think fixed assets and improvements—may mean your current coverage is no longer adequate.
Reviewing your insurance policies annually ensures that you have the right coverage and helps you budget accurately for the expenditure.
Protect Your Records
Preparing for an emergency means more than just prepping your tenants or your property. It also means protecting your business records.
Well-organized, comprehensive records help safeguard your real estate investment business, both financially and legally. Water, fire, or pests can cause serious problems if you rely on paper copies of your records. Store all crucial physical documents in a fireproof and waterproof box to prevent damage. Consider using a cloud-based accounting system like REI Hub with receipt and document storage to help keep your financial records safe.
Takeaways
Property inspections and emergency plans help protect your rental units and tenants, so set aside time to prepare your properties, renters, and business for winter. By investing in small updates, you can prevent costly emergency repairs, improve the property’s energy efficiency, educate tenants to keep them safe, and protect your real estate investment business.
