Buying that first investment property can be an odd experience. Most people approach their own home with an attitude of “whatever it takes”. Leaking pipe? Pay the plumber who can get there the fastest – regardless of the cost. With a rental property, you suddenly have to start thinking about things like your return on investment and overhead costs. If you spend too much on property upkeep, you will end up losing money.
This article describes a few ways you can better maintain your rental property, avoid major problems, and limit your overall maintenance costs.
Know your property
One of the reasons property owners hate maintenance and repair costs so much is that they often surprise them. It’s difficult to budget for improvements or set the rent when you’re nervously looking over your shoulder waiting for the proverbial other shoe to fall. To get around it, you need to get to know your property inside and out.
If the Property has a history of termite damageFor example, this is something that you want to have checked out shortly after you close it. Don’t just assume the previous owners took care of the problem. Termite damage in particular can affect the structure of your property and reduce its value. Even if you don’t currently have an infestation, you need to stay vigilant for years to come: termites are avid new infesters that can and likely will return to your property.
The same principle applies to other parts of your home. If the home inspection report you received before it closed revealed long-term problems with the roof, or let you know that the water heater is on its last puffs, then you have the benefit of foresight. Whether you plan to flip the property or rent it out for many years, the only way to put together a solid to-do list is from inspecting your homebuyer.
Invest in preventive maintenance
Preventive maintenance keeps the property in good shape and can mitigate many potentially costly problems. It can also help you save money all year round.
Take AC and oven tunings, for example. Depending on where you live, a seasonal tuning typically costs between $ 75 and $ 150. However, if this attitude helps prevent a single major failure or repair, it has easily paid for itself many times over. The same goes for sewer camera inspections, pest control inspections, and other careful maintenance.
To keep your maintenance costs down, divide the maintenance needs of your property into two categories: projects that you can complete yourself and projects that require an expert. Some of the maintenance projects in the earlier group include repainting interior walls, thoroughly cleaning carpets between tenants, or repairing a fence or gate. For obvious reasons, consider getting a professional to help with any HVAC, plumbing, roofing, pest control, or electrical issue.
Deal with problems resolutely
No matter how much time, money, and effort you invest in preventive maintenance, there is inevitably one or two major problems you have to deal with every few years. This includes heating and cooling outages, sewer problems, roof problems, pest control problems, and more. While you can’t exactly predict what to expect, you can control your reaction. You have to be crucial.
If your tenant calls you about a problem, make it your top priority. It can’t be yours At homebut it is yours after all. When the sewer system jams or the roof leaks, you will be hurt the most. Do not hesitate to consult a professional. If you are able, check out several service professionals in your area and let their numbers be readily available. Make sure they provide 24/7 service – a 9-5 schedule is not followed when there is a real estate problem and many cannot wait until morning.
By being critical in a crisis, you will help limit damage to your property, save money, and make future maintenance easier and cheaper.
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