Even though we all would love to keep 100% of our rental income, there are expenses that can’t be avoided, and a percentage of the income should be designated to the proper maintenance of the property.
Owning a rental property and maintaining it in good shape can require a lot of time, hard work and money. Property maintaining expenses depend on the condition and the age of the property. Even though there are many maintenance issues that can’t often be anticipated or avoided, there are others that can be addressed before they become a serious problem.
Here we share some tips that will help you manage your rental property maintenance more efficiently and cost effective.
PREVENTIVE MAINTENANCE IS YOUR BEST FRIEND
It is always going to be easier and cheaper to repair a small water leak than having to replace the flooring as well because it was too late when tenants reported it. Therefore, regular property inspections are the most important step of preventive maintenance. It can save you thousands in repairs.
Inspections should take place at least twice a year. You should be looking for any pests that could cause damage to the structure of the property, water leaks, making sure the roof is in optimal condition, and replacing batteries on smoke and carbon monoxide detectors.
You should include as many clauses as necessary in the lease stating who will be responsible for the maintenance of the property.
It is also very important that you respond quickly to repair requests from your tenants. If you don’t, it is possible that your tenants stop caring for your property. Addressing these issues quickly will also help to retain good tenants.
BE READY FOR UNEXPECTED MAINTENANCE AND REPAIRS
There will always be unexpected maintenance and repairs in every property and because of that having a reserve fund is a must. You should plan for current and future expenses.
Maintenance for rental properties can be one of the hardest expenses to budget. Every property is different and maintenance costs can vary widely depending on the property size and the property’s age. You should be ready for unexpected repairs as well which are not a standard part of maintaining your home.
It is recommended to set aside 10% of the monthly rent as a reserve fund. There will be months when you might not have maintenance issues in your rental property, but you should save that money anyway for later when a big repair is eventually needed.
KEEP IN MIND WEAR AND TEAR
Wear and tear is always part of renting a property and the landlord is responsible for any repairs needed due to it. Roof leaks, failing appliances, some scratches on the floor and faded or chipped paint are good examples of typical wear and tear. Tenants, on the other hand, should be held responsible when damage (not wear and tear) is caused to the property.
It is recommended to always document the condition of the property. Taking pictures is the easiest way to do this. By having pictures of what everything looked like before they moved in and with every inspection, you will avoid having problems and possible disputes in the event of having to keep the security deposit when they move out.
THE KEY TO AFFORDABLE MAINTENANCE
Keeping maintenance costs low is essential for good cash flow.
When purchasing a property with the intention the rent it out, you must know the landlord should provide habitable conditions for tenants, which means the landlord is responsible for all major maintenance issues like the HVAC system, anything electrical, plumbing and maintaining a safe and pest-free environment.
Landscaping should also be simple and low maintenance, especially if you will be accepting pets, this is something your tenants will appreciate.
When having repairs done to your property, always hire licensed contractors. This will protect both parties from anything that might go wrong during the process.
Hiring a great Property Management Company in Miami that will do all his work for you and make sure you get the best tenants for your property will also ensure that your property is in the best possible condition and will save you money in the long term.
At Pristine Property Management, we can help. To learn more about our property management services or speak with someone on our team, contact us today!