Owning a commercial property is a great way to boost your overall retirement portfolio. There are several things to consider as you look at managing your property long-term.
Insurance
It is important that you meet with a good insurance agent to discuss your liabilities in owning and renting out commercial property. Being insured well is a key piece in protecting your assets and wealth from crazy future circumstances.
Threat of Fire
The threat of fire on your commercial property can be addressed by installing a fire suppression system that uses fire sprinklers to extinguish any unexpected fires. There are many types of sprinkler systems. Wet pipe systems hold water in the pipes immediately ready to deploy upon a fire threat. Other systems like a deluge system are designed to employ in areas where hazardous flammable materials may be present. Deluge systems douse an entire area with water when both heat and smoke are detected, protecting valuable assets.
If you are housing hazardous materials that make fire an even greater threat, you might also want to work with a fire protection company. In some instances, you may need to install fire hydrants and/or pumps to help make sure that the water pressure is high enough to assist in case of a fire. Local fire codes will dictate the specifics of the installation of fire hydrants San Diego CA if needed for your commercial property.
Administrative Challenges
As your commercial property is rented out to different tenants, the management of the property and tenants can become quite complicated. Communication with the tenants is key. There are management services out there that can take on some of these burdens for you if it becomes too much to handle.
Overall, adding commercial property to your portfolio is a smart move for building lasting wealth. Continually assessing the risks and threats affecting your property is a good way to stay on top of any future problems.