Long Range Forecast: A Tough Winter For Connecticut Landlords
I was reading this article in the Boston Globe which details how the cost of home heating oil is going to be significantly more expensive this coming winter than it was last winter.
I fear that this means we will also see a rise in house fires this winter as people seek to heat their dwellings by non-traditional and unsafe means.
Landlords should begin preparing for this possibility immediately.
Here’s some suggestions:
1. If you are providing fuel for your tenants figure out if it makes financial sense for you to remain a landlord. You are either going to have to raise the rent or sell your building.
2. Make sure that your building has adequate insurance. Contact your insurance carrier and inquire about increasing your coverage.
3. Make sure that smoke detectors are working in your building.
4. Evict tenants who are behind on their rent immediately. Don’t wait until winter. My guess is that the average eviction in Connecticut takes about 2.5 to 3 months from the service of a notice to quit.