5 Tips to Stay on Top of Maintenance & Repairs of Your Rental Property
When you own a rental property, repairs can feel like the bane of your existence. All you want is to finally make some profit off your huge investment, and sometimes it just feels like the repairs steal your profit month-after-month, because properties don’t maintain themselves. Time, weather, and tenants can all take a toll on your place and the costs can add up. The best way to prevent a huge, unexpected bill, is to be proactive. We’ve broken down the best way to proactively avoid unexpected costs associated with your property into five easy steps.
- Regular Inspections (every 6 months)
First and foremost, you want to make sure that you or your property manager are doing a thorough inspection of your property every six months. You’ll want to check for things like water spots on the ceiling that could indicate leaks, any leaks under sinks, and leaks in cellars. It’s also important to check around any wooden structures for evidence of termites, to check in the dry pantry/cabinets for evidence of mice, and to check under the sink for any evidence of cockroaches/other pests. This is also the time to confirm that all of your electrical outlets are in working order and outputting the correct voltage.
- Service & Maintenance Contracts
There are several systems and appliances in a home that can be serviced regularly to extend their lives as long as possible. Central AC/Heat systems, furnaces, refrigerators, chimneys, gutters, and more can all be serviced periodically by local technicians. Servicing these systems regularly keeps them in working order, keeps repair costs lower, extends their lifetime, and keeps you aware of any issues or potential problems.
- Check-in After Major Storms
Even if tenants don’t complain about any changes after major storms, it’s smart to check around the house to make sure there was no damage anyway. You want to check as soon as possible for insurance purposes. If there was damage, you’ll need to file a claim with your homeowner’s insurance as soon as possible. Many instances of storm-related damage may not be obvious to home-dwellers until weeks or even months after the initial storm.
- Change Smoke Alarm Batteries every 6 months
No one thinks a home fire is going to happen to them until a home fire happens to them. Not only should you change your smoke alarm batteries every six months, but you should also make sure that every unit you own is outfitted with fire extinguishers and/or fire blankets. While we all hope to have tenants who take great care of our properties, we all know that isn’t always the case- and accidents happen as well. The best way to prevent damage from a house fire is to be prepared to stop one as quickly as it starts.
- Don’t Choose Band-Aid Solutions
When something does start to go wrong, don’t choose the quickest, cheapest solution out there if it isn’t a long-term one. “Band-aid” solutions almost always result in a higher payout in the long run, in addition to the worry that will accompany knowing the problem isn’t truly resolved. It’s best to fix things the right way the first time for both peace-of-mind and less money spent in the big picture.
Maintaining rental properties can hands-down be the biggest headache about them. If you want help getting ahead of your property, something I have found helpful is joining a community of like-minded investors who have my back! I have learned so much from my fellow investors that have helped with maintaining my properties. Our meetup would love to have you join us! That being said if you want your income to feel truly passive, we’d love to take care of maintenance and repairs on your behalf. Click the button below to learn more about how we can help you manage your properties without the headache!
