4 Rental Property Maintenance Tips That Will Save You Money
4 Money-Saving Rental Property Maintenance Tips
General maintenance on rental properties save landlords money. Here are 4 rental property maintenance tips that will save you money long-term.
Turning a sizable profit on rental properties is not easy. Large investors with thousands of properties take home 5 to 7 percent profit.
Individual investors, on the other hand, have lower operating costs and can turn a 10 percent profit. The key element to maximizing profits is to keep expenses down.
One area that warrants significant attention is property maintenance. By conducting routine preventative maintenance, you can reduce expenses in the long run.
Read on to learn 4 property maintenance tips that will increase your profit margin.
1) Pest Control Services
It is a prudent decision for property managers to enter a long-term agreement for pest control services. Termites, for example, pose a serious threat to your rental revenue.
Depending on the magnitude of a termite infestation, treatment could cost you nearly $1,400. This is only the tip of the financial iceberg.
If the termites caused wood damage, there could be additional repair costs. Lastly, rental income is in jeopardy if the home in inhabitable due to chemical treatments.
There are a number of other pests that jeopardize rental income. A pest control company provides inspection and extermination services for rodents, cockroaches, squirrels, and more.
2) Protect the Home Against Water Intrusion
Water damage is disruptive and expensive to repair. Damp environments tend to invite mold, which creates health risks and the potential for an inhabitable home.
Routine inspection is the best defense against water damage. You should frequently check the attic and basement for any signs of water intrusion.
Make sure to take your inspection to the roof. It is important to clear debris off the roof so that water doesn’t settle in a particular spot. In addition, clean the gutters twice per year and ensure that water is draining away from the house.
3) Service the Property’s Appliances
Servicing appliances is critical to getting longevity out of expensive items. Replacing a refrigerator, for example, is expensive and can erase a month’s worth of rental income.
The best strategy for preserving appliances is hiring a repair company to perform routine inspection and preventative maintenance. There are so many important home appliances that it is burdening to service them all.
All of the kitchen appliances need routine care including the refrigerator, dishwasher, and oven. The washer and dryer are two other items to inspect and maintain.
Lastly, the most expensive items to replace are the HVAC system and hot water heater. Maintaining these items will cost money, but well worth it in the long run.
4) Place an Emphasis on Safety
This is a maintenance task that any property manager can do. You should routinely test all the smoke and carbon monoxide detectors in the house.
Additionally, make sure to change batteries often. Obviously, you will lose rental income if the home burns down. Even worse, you may be held liable if these safety devices are not properly maintained.
Property Maintenance – Wrapping It Up
Ensuring a positive return on investment for a rental property is harder than it seems. Unscheduled maintenance tasks can eat up your budget and shrink profits.
Despite the expense, hiring pest control and appliance repair professionals save money in the long run. Hiring a good property manager means you don’t have to worry about the day-to-day stresses of managing your own rental. At VerraTerra, we charge a fixed fee for all properties we manage in the Seattle area, regardless of how much your property rents for. If you are interested in property management services, please contact us for assistance.
