Repairs and maintenance make up the largest category of any property owner’s budget. There’s just no getting around it – it takes money to maintain and operate a rental unit. While some of these costs and responsibilities can be handed off to your tenants (if you spell them out in your lease), you as the property owner will bear the brunt of most maintenance expenses. So, it’s in your best interest to keep them as low as possible. Here are some ways to do so
Tips for Keeping Maintenance Costs Manageable
First and foremost, keep up with routine maintenance. Simply taking care of your property and appliances with inspections and tune-ups can extend their lifespan by several years.
Here are some other strategies to mitigate maintenance costs for commonly expensive items in a rental property:
- Invest upfront in high-quality equipment – Despite the higher price tag, good quality equipment is more likely to go the distance and save you money over the long term. We’re talking specifically about appliances like HVAC units and water heaters. These are expensive items that will eventually need replacing, but when you buy for quality and stay on top of maintenance and inspections, your per-year expenses should remain favorable. By doing this, the appliance item will hopefully continue to perform optimally for the duration of its life and save you money on unnecessary visits from the repair person.
- Manage mold proactively – Mold remediation can quickly get expensive in part because there’s usually more to the story than what meets the eye. You can reduce the likelihood of mold developing in your rental property by cleaning up leaks, spills and water damage as soon as possible; keeping humidity levels low; circulating air in the unit; and encouraging tenants to notify you right away if they notice any signs of water damage.
- Don’t forget about your roof – Out of sight, out of mind is often what happens when it comes to roofs, but roof repair costs can escalate quickly, especially when small problems get ignored. Save yourself the expense of a full roof replacement by staying on top of annual roof inspections and fixing any small issues right away.
These and other expenses in the maintenance and repairs category can eat into your earning potential, but by being aware of them, you can plan ahead for the financial expenses you will incur and be in a better position to reduce your overall spending in these categories and increase the profitability of your investment.
If you have questions about property management, the costs associated with maintaining units here in Franklin County, Ohio or what we can do for you, get in touch with our team at RL Property Management today.
