All properties will undergo a certain amount of wear and tear over time, so it will be necessary to keep up with maintenance and repairs. This is especially true if you plan to sell the property anytime in the near future. By handling these issues as they come up, you can usually avoid much larger repair bills later on. Here are some tips on property maintenance for landlords that will help you to save money in the long run.
Everything runs on electricity these days, including all the appliances, entertainment systems, and other household gadgets in a rental property. Part of maintenance for the rental property includes ensuring that all these devices are working properly and that there are no shorts in the fuse box and no obvious problems with wiring. While electrical expertise may be outside your skillset, you can certainly enlist the aid of rental property maintenance services to have the electrical system checked out periodically. In the same way, you should have the other critical systems checked out, for instance, plumbing, heating, and cooling, gas service, etc.
Interior and Exterior
Rental house maintenance depends heavily on keeping the interior and exterior looking great. If the exterior doesn’t look appealing, you won’t be able to attract any tenants to your rental property. If the interior is in shambles, you’ll lose tenants the minute they do a walk-through and discover all the issues observable. Rental maintenance cost is relatively low, compared to the return you get. It doesn’t cost much to repair rental property, and it’s a good investment when you’re trying to get the place occupied by a good tenant. You can also impress on your new tenants the importance of maintenance, so they can take some ownership and pride in their new residence.
Set Aside Time and Money
You should budget some time and establish a stash you can use for emergency repairs because they will happen at some point. It’s a natural part of owning or managing a rental property that it will be necessary to make repairs, so you should plan ahead of time and have a cash reserve for it. The average maintenance cost for a rental house will be 1.5% of the monthly rental income. That means if you’re charging $1,000 per month for rent, you can expect to pay $1,500 annually in repairs and maintenance.
Inspect Interior and Exterior Assets
It’s a good idea to protect your investment by periodically inspecting assets on the inside and outside of the rental property. If it comes equipped with a patio, deck, porch, or pool, you’ll need to take a look at all these now and then and check for signs of wear and tear. Make sure that there are no issues with the roof, and that the gutters are clear so rain can be directed away from the property. On the inside, inspect the working order of the HVAC system, the appliances, and any other major electrical devices attached to the property. By inspecting these items, you might go a long way toward warding off expensive repair bills.