As someone who is either already involved in the landlord business or who has decided to start renting out properties to tenants for the first time, you might have decided that you want to purchase a fixer-upper. After all, your plan might involve fixing up an older home and renting it out. If you are going to be doing this, then you should have lead paint testing done as soon as possible. This is smart for these reasons and more.
Make Sure You're Paying a Fair Price
One of the first ways that you can be sure that you will make money as a landlord is by purchasing potential rental properties for the lowest price possible. To be sure that you are paying a fair price for the fixer-upper that you are buying, consider having lead paint testing done. Then, if you find that lead paint abatement is going to be needed and if you feel that the price tag is too costly, you can use this information to negotiate a potentially lower price.
You might be planning on doing a lot of the work in the fixer-upper that you have purchased. Be aware that if you work in a home that has lead paint, you could put yourself in danger. Having lead paint testing done before you ever start doing any work inside the unit is a good way to protect yourself.
Protect Future Tenants
Next, you should think about the safety and the health of the people who will be renting the fixer-upper for you after you get done remodeling it. It's probably important to you to be a good landlord and to provide your tenants with a safe place to live. Plus, you probably want to be sure that you run your landlord business ethically and legally, and you might be required to make sure that lead paint is not an issue before you rent out your fixer-upper. Therefore, if these things are all things that you have in mind, then you should definitely consider having lead paint testing done.
Make Contractors Feel More Comfortable
Many people in your situation find that they have to hire at least some contractors to help them with getting their fixer-uppers ready to rent. Contractors who are concerned about their own health and the health of their employees might be hesitant to enter your fixer-upper and perform work if they aren't sure of whether or not lead paint is present. By having lead paint testing done first and by addressing any lead-related issue in the home, you can make potential contractors feel a lot more comfortable.Share