The world of property investment comes with a certain amount of liability. When you look at the structural concerns of any property, the door opens to potential liability. Apartment communities come with their own concerns that create a risk of liability. Whether they arise from wear and tear over the years or poor planning during construction, there are certain liabilities that can and will arise that you should be able to identify.
Parking Garage Areas
Parking garages that include multiple levels can begin to show signs of degradation that are hard to notice. Before it gets out of hand, you should know what to look for and have repairs made. If you’re noticing rust stains around columns or beams, water may be coming in which can negatively impact the structure over time. This may also be the case if the concrete begins to flake off. Even seeing grease or oil stains underneath concrete decking will show a failure of the sealant. If you notice these problems beginning, have them inspected and repaired.
Access for the Disabled
There are a number of laws governing residential access for the disabled. Perhaps the most famous is the Americans with Disabilities Act (ADA) which comes with a lot of requirements for public buildings and facilities. Jane Powell writes for Multifamily Executive that properties built after 1991 must meet the guidelines outlined in ADA as well as the Fair Housing Amendments Act. Have your property regularly inspected for the purpose of complying with any accessibility laws. When it comes to access for the disabled, to avoid potential liability, don’t try to cut corners.
Especially if wood is involved, be well aware of the condition of stairways. Water leaks can get under carpets and rot wood without you knowing. Lots of accidents happen on stairways and it’s important that they not be your fault. Keep them inspected regularly and make sure all handrails are secure and not loose.
For more information on expert property management services to help you limit liability and manage the daily ins and outs of handling investment properties, contact us to find out how we can help.Back to all posts