Major Property Issues

Sometimes major property issues come up. When they do, it can become extremely stressful - especially if you don’t have someone well versed in these scenarios to support you. 

One of the biggest property issues is water damage. Water damage can be one of the most time intensive and stressful problems for landlords to address. Maybe water came in due to a major storm or a hot water tank leak. Or maybe water dripped through a leak in the roof or through space in the skylights. 

When water comes into a property, tenants often have to leave the premises immediately. So one of the first things you should do when you buy property insurance is to understand what your coverage looks like. Some coverage will pay for housing for tenants while the unit is being repaired, others will not. 

The other thing to be aware of when it comes to water damage is mold. If the water damage is not addressed quickly, it can result in mold - which opens up a whole can of worms. Testing may need to occur, mold may need to be remediated, wall and ceiling pieces may need to be removed, and a contractor may have to come in and replace those damaged pieces.

All of this can be extremely stressful. But fear not, I have gone through this process multiple times and I know the right people for the job. I can also help explain the process to you AND your tenants, to calm everyone’s nerves. 

In addition to water damage, I have also seen landlords face a variety of other issues. Damage to the roof can occur as the result of a storm, years of wear & tear, or a tree falling. Depending on the situation, your insurance may be able to help, but not always. And roof damage is expensive - typically $15,000 - $25,000+ depending on the type and size of the job. 

I’ve also seen landlords deal with the aftermath of fire damage. This one doesn’t happen that often, but when it does it can be super stressful. Hopefully everyone is safe, but even still your tenants are out of a home and you are out of an investment property. You’ll have to go through the insurance process and decide what to do - rebuild your property, convert into condos and sell off, or sell the structure as-is and move on with your life. 

Regardless of what it is, if you are dealing with a major property issue, give me a call and we will get through this together!