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Spending Less on Your Rental Property Maintenance

Spending Less on Your Rental Property Maintenance

The goal of starting any business is to generate a profit, and it is much the same when investing in a rental property – you aim to let it out and make a profit. When the profits start streaming in, it’s essential to ensure you’re keeping up with maintenance and strategizing for possible emergencies.

You can save yourself the financial headache and ensure you’ve always got enough to pay for maintenance and repairs with good prior planning.

It’s easier to afford maintenance if you’re regularly carrying out upkeep than waiting for severe damage to inspire sudden action. Suddenly doing maintenance after long-term neglect is one thing: costly.

All landlords want to save on the cost of maintenance, and if you’re in the same boat, there are several factors to consider when it comes to spending less on your property. These include:

The Age of the Property

Older homes that have not been getting proper maintenance are likely to cost more due to deteriorating conditions. Such houses may require new roofing, new technical wiring, and painting.

On the other hand, newer properties are likely to cost less as all the components are new and, if maintained, can stay in like-new condition.

The Condition of the Property

It is advisable to put into consideration the overall condition of a property when planning for maintenance. Properties that have been receiving regular maintenance will cost less and vice versa.

Other Factors

Additional factors include natural floods, pest infestation, faulty systems (fire and carbon monoxide sensors), damp, mould, structural integrity, and more.

Tips to Cut Back Property Maintenance Spend

Every property owner wants to keep their rental property in good shape with minimum costs – anybody can understand that. To help you save money the right way instead of by taking maintenance shortcuts, we have prepared a list of cost-cutting tips for you below.

Plan for Both Current and Future Expenses

Maintenance emergencies can crop up with little to no warning. You never know when you’re going to get a call in the middle of the night informing you that your tenant’s geyser has just burst or a fire has broken out.

Set a portion of your rental income aside each month for future unknown emergencies. Each month, ensure that minor repairs are carried out promptly too. The sooner you fix something, the less opportunity it has to develop into a massive and costly repair job.

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Make Maintenance a Regular Thing

Regular inspections will save you the stress of suddenly discovering rotting wood, water leaks, and broken windows. Tenants often don’t take care of the property as you would, so it’s vital to check in with your tenants at least once every six months about the maintenance and repairs required. Act promptly on these.

Head over to the property at least twice a year to inspect the exterior and interior. Make a note of the property condition and take photos if you feel the need.

By monitoring regularly, you will be in a position to notice the problem areas before they become major issues. Some of the things you may want to include in your regular maintenance routine are:

  • Checking for water leaks, faulty pipes, or clogged drainage systems
  • Arranging regular pest control to avoid pest infestations and damage
  • Making sure all the emergency alert equipment are functioning as required

Responding to Problems in Time

The longer you delay fixing the problem, the more you will spend on repairs. Address the issue as soon as it arises. For example, if you ignore a leaking roof because the problem doesn’t seem severe, you may find that you have to replace the entire section of the roof in a few months instead of doing a simple repair.

Using Cost-Efficient Components

You do not need to spend a lot of money to provide efficient systems for your tenants. For example, you can change the shower heads by installing ones that use less water. You can also opt for light bulbs that are energy efficient. Much the same, when something breaks, you don’t have to buy the first replacement item you come across. Shop around for the best prices (of course, don’t overlook quality).

Screen Your Tenants Meticulously

Having troublesome tenants can be very costly and while most landlords are aware of this, some still fall into the trap of renting the wrong people. You never know how a tenant will treat your property.

Will they burn holes in the carpets with their cigarettes? Do they have a habit of destroying properties they live in? You never know – so it’s important to do your homework.

You can set a list of qualifications that every applicant has to pass in order to rent your property. You can check for previous rental history and creditworthiness, validate their income, and check their criminal background.

Make a point of contacting their previous landlord for feedback on their conduct, rental payment promptness, and of course, the condition they left the property in when they moved out.

Get Landlord Insurance

Landlord insurance is vital for owners who wish to use their property for income purposes. Before buying your first insurance policy, reach out to someone who is professionally qualified to explain the ins and outs to you.

You may want to consider these tips to save money on landlord insurance;

  • Check if there is a customer discount for the first policy
  • Check if being a member of any organization will qualify you for a discount
  • Ask what discounts are available

Landlord insurance will often cover the costs of damage to property due to fire, flooding, and similar. This means that you won’t be out of pocket trying to afford sudden maintenance and repairs when disaster strikes.

Get Comfortable With Saying “No”

Some tenants will want to make changes to the property that may not be necessary. For example, when a tenant asks for a new bathtub, the one that exists is still in good shape.

Or perhaps your tenant wants to remove the existing outside barbecue area and install their own. You never know how this new addition will detract from the value and aesthetics of your home. Just say no.

Of course, if the changes are attractive to you, consider handling them yourself so that you have control over the quality of the job done.

Final Thoughts

The best tip to share with landlords who want to save on rental property maintenance is to make maintenance an ongoing thing, even if it doesn’t seem necessary.

Also, make sure that you get the right tenants, do regular maintenance checks, and set landlord insurance in place – all of these measures will minimize what you have to pay on maintaining a property when renting it out.

If you’d like to find out more about how Ashtons can help you contact one of our branches for further information.

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