Deploying? A Guide to Managing Your Property While Away
Deploying? A Guide to Managing Your Property While Away
Deployment is a reality for many military service members, and it comes with its own set of challenges, especially when it comes to managing your property. Whether you own a home, rent out a property, or are a tenant yourself, it's crucial to have a solid plan in place to ensure your property is well-maintained and secure while you're away. In this guide, we'll walk you through the essential steps to effectively manage your property during deployment.
Step 1: Assess Your Property Status
First, determine how your property will be used during your deployment:
- Owner-Occupied: If you're leaving your home vacant, you'll need to prepare it for extended unoccupancy.
- Rental Property: If you have tenants, ensure their needs are met and your legal obligations are covered.
- Rented Home: As a tenant, arrange for your landlord's approval for subletting or ensure the property's condition upon return.
Step 2: Develop a Property Management Plan
A comprehensive property management plan is essential to address any issues promptly in your absence.
Hiring a Property Manager
Consider hiring a property management company to handle:
- Routine maintenance and repairs
- Rent collection and tenant communication
- Emergency responses, such as plumbing or HVAC failures
Designating a Trusted Representative
If a property manager isn't feasible, designate a trusted friend, family member, or neighbor to:
- Perform periodic property inspections
- Handle urgent issues and coordinate with contractors
- Communicate with tenants or landlords on your behalf
Step 3: Secure Your Property
For Vacant Homes:
- Utilities: Shut off unnecessary utilities like water to prevent leaks. Keep heating or air conditioning running at a minimal level to avoid issues like frozen pipes or excessive humidity.
- Home Security: Install a reliable security system with remote monitoring. Smart cameras and door locks can give you peace of mind while deployed.
- Insurance: Update your homeowner's insurance to reflect extended unoccupancy.
For Rental Properties:
- Tenant Vetting: Ensure your tenants are reliable and capable of maintaining the property.
- Lease Agreements: Clearly outline terms for property maintenance and emergency responsibilities.
Step 4: Legal and Financial Preparations
Deployment often limits your ability to respond to financial or legal issues. Take these steps to safeguard your property:
Power of Attorney
Grant a trusted individual a power of attorney (POA) to:
- Make financial decisions regarding your property
- Sign documents, such as leases or insurance claims, on your behalf
Automatic Payments
Set up automatic payments for:
- Mortgage or rent
- Utility bills and HOA fees
- Insurance premiums
Step 5: Establish a Communication Plan
Regular communication with the individuals managing your property is essential. Provide them with:
- A detailed list of emergency contacts, including contractors and utility companies
- Instructions for handling specific issues, such as repairs or tenant complaints
- A schedule for periodic updates, even if brief
Step 6: Prepare for the Unexpected
Contingency Funds
Set aside a contingency fund for unexpected property-related expenses, such as emergency repairs or legal fees.
Backup Support
Identify a secondary contact who can step in if your primary representative or property manager is unavailable.
Step 7: Upon Returning from Deployment
When you return, take the time to:
- Inspect the property for damage or needed repairs
- Review financial statements or reports from your property manager
- Reassess your property's needs based on your current circumstances
Conclusion
Deployments can be challenging, but with careful planning and the right support, you can ensure your property remains well-maintained and secure. By setting up a robust property management plan, securing your home, and preparing for contingencies, you'll have one less thing to worry about while serving your country.