Property Liability: Age Of The Home And Age Of The Roof

DID YOU KNOW THAT ROOFS CAN BE A MAJOR PROPERTY LIABILITY?

DID YOU ALSO KNOW THAT AGE OF THE HOME CAN EQUALLY BECOME A PROPERTY LIABILITY?

Did you know that your real estate investment might have a property liability before you even sign any paperwork?  The home's age, as well as the age of the roof can both become major property liabilities.

How Age Of The Home Can Become a Property Liability?

How old is your real estate property investment?   The reason why you need to know is because insurance rates WILL be affected by the age of the property, especially if it's an older property.  For example, if a property was built in the 2000’s and later, then you will see that you will have lower rates.  However, if your property is from the 50's, 60's, and even up until the 80's, you may find that you have high insurance rates.

The general rule is - the older the property, the higher your insurance rates will be!

How Age Of The Roof Can Also Become a Property Liability?

In addition,the age of the roof can also determine what kind of insurance rates you will see.  Again, the older the roof, the higher insurance rates you will get.  In fact, some roofs that are too old may not even be insured at all. A 40 year old roof, for example, may be too old to be insured.  Roofing materials also matter, as there is a preference for some type over others.

As a real estate investor, it is imperative that you look into all aspect of a property when seeking after property insurance.

What to Consider When Choosing Multifamily Properties

ARE YOU A MULTIFAMILY INVESTOR?

Are you looking to grow your real estate portfolio quickly? Multifamily investments are not only a great investment, but they can work to expand your portfolio very quickly. Moreover, they can often have long term value as well. However, there is no doubt that this type of investment can sometimes be seen as complex and navigating them can be difficult if you are not sure what considerations to make.

If you are thinking about a multifamily property, or you already have this type of real estate already in your portfolio, here are a few things you should consider: