Hints and tips to guide you through your property management journey
The burning question for many residential investment property owners is whether to change the locks on the property after the tenants have moved out.
Any tenant could potentially cut multiple sets of keys to give partners or family. The risk of this occurring, is why landlords regularly face this difficult decision.
When it comes to rentals, ownership of the property can change hands often. This makes it difficult to have absolute control over the security of your investment property over time. If you have just recently purchased an investment property, which has been leased before, it’s recommended you change the locks on settlement day.
Landlords have a great deal of responsibility when it comes to the tenants. A good landlord or property manager will pay attention to the state of their investment property.
If the lock is not damaged, then landlords should re-key the lock instead. This provides a much more cost-effective solution with the same benefits of replacing the lock. However, should owners be required to pay a locksmith every time a tenant moves out.
The common belief of property owners is that changing the locks after every tenant has moved out of the property is a must. We believe it is not always necessary, to do so. However, if the tenants were a real hassle throughout their tenancy, then it would be best to change the locks. It depends on the situation and all factors should be taken into account.
For property owners managing expenses is very important. Therefore, it is a very good idea to consult your property managers before making a final decision.