Building a property portfolio takes a lot of money. Before you can actually buy a property, sometimes you have to take an extra job here and there to make enough capital for your business goal.
I’ve shared with you some pretty unique ways on how to earn extra money through property, and today I’ll be adding another strategy into our vault of tips with property preservation.
If you’ve never encountered the term before, property preservation is a part-time job where you look after vacant properties owned by another person. Some of the tasks performed by caretakers include changing locks, lawn maintenance, regular housekeeping, and protecting the property against the elements. So if you’re living in an area with many empty properties, maybe now’s your chance to hit the jackpot!
Secure vacant properties
Securing a vacant property doesn’t mean you have to conduct 24 hour surveillance on the house. Usually, security contractors change the locks according to the request of their client. If the client is a lender or an insurer, expect to change all the locks of the property if the property is turned over to your safekeeping after foreclosure.
Maintain the lawn
An unkempt lawn is probably the biggest indication of an abandoned house.
Lawn maintenance is part of the responsibilities of a caretaker to prevent the house from becoming a nuisance to the entire neighbourhood. It also helps prevent building code violations.
Protect empty properties from the cold
Winterisation is the first line of defence all empty properties need against the cold; without it, water lines may freeze or burst.
Caretakers usually prevent this catastrophe by pouring anti-freeze on bowls, tanks, sink drains, and traps after a thorough cleaning. Stickers are then attached to these fixtures to indicate the date of the winterisation.
Utilities in the house are also turned off, except when a sump pump is present. In this case, the electricity will be turned on.
It’s also part of a caretaker’s duty during winter to clear piles of snow in the property’s lawn. This is important to provide maintenance crews, inspectors, and real estate agents safe access to the property.
Clear debris away from the house
All debris inside the house, whether hazardous or not, are routinely removed from the property. Interior debris are disposed of according to the demands of the client, while outdoor debris go straight to a licensed dumping facility.
When performing all these services, caretakers are obliged to send a photo documentation and report of compliance to their clients.
You can look for a contract through the help of security providers or you may also ask someone you know directly if you can take care of their property while they are away on vacation or for an employment opportunity abroad.
Don’t forget to take a peek of my other articles and discover new ways on how you can make money through property.