Protect Your Investment: Why Replace The Roof On Your Rental Property

When you own rental property, you need to take steps to protect your investment. One way to do that is to invest in upgrades and improvements. If you want a way to improve your rental property, talk to a roofing contractor about a roof replacement. Replacing an outdated roof will enhance the beauty of your rental property. You'll also enjoy other benefits when you replace the roof on your rental property. Here are seven of those benefits to consider. 

Improve Energy Efficiency



If you have an outdated roof on your rental property, you need to think about energy efficiency. An outdated roof can decrease energy inefficiency. Unfortunately, that leads to an increase in utility bills. That's where roof replacement becomes beneficial. Replacing the roof can improve energy efficiency. That's especially true when you choose roofing materials that reduce heat transfer and improve insulation. A new roof can increase energy savings over time. 

Prevent Property Damage

If you own rental property, you need to worry about property damage. You might think about the damage that your tenants can do. You also need to worry about property damage caused by things like plumbing and roofing issues. A damaged roof can cause serious damage to your rental home. That's especially true where leaks are concerned. Leaks can damage insulation, cause wood rot, and invite mold growth. Installing a new roof can prevent roof-related damage to your rental property. 

Increase Property Value

Property value is important when you own rental homes. A high property value will let you charge higher rent to your tenants. But, high property value also lets you get a better price when you sell your property. That's where a new roof comes into the picture. A new roof can add between 5-8% to the value of your rental property. That means you'll increase your rental income. 

Protect Tenant Health

Tenant health is an important consideration when you own rental property. That's why you need to keep your property in good condition. The roof is one component that can affect tenant health and safety. A damaged roof increases the risk of mold growth. Unfortunately, mold growth can increase symptoms related to allergies and asthma. If your roof is too badly damaged, the structure can collapse into the house. You can protect tenant health and safety when you replace the roof on your rental property. 

Avoid Liability Claims

When you own rental homes, you need to take steps to avoid liability claims. One way to do that is to replace your damaged roof. If your tenants get injured by a roof collapse, they could sue for damages. But, the liability doesn't stop there. If workers get injured while servicing your home, they could submit a liability claim as well. Avoid roof-related liability claims. Replace the roof on your rental property before someone gets injured. 

Lower Maintenance Costs

If you want to increase the profitability of your rental homes, replacing the outdated roofing material is a good place to start. Maintenance and repair costs escalate for outdated roofing material. Not only will you save money on maintenance costs, you'll also save money on repair costs. In fact, repair costs will get covered by the warranty protection that comes with a new roof. 

Enhance Marketability

If you're looking for a way to make your rental property more appealing to prospective tenants, a new roof can help. A new roof does more than improve property value. A new roof also enhances marketability by improving appearances. That means you'll get more applications for your rental homes. As a result, you can be more selective in the approval process.