Maybe you’ve purchased your first rental property and are preparing for your tenants.
To keep costs down and ensure that your tenants are living comfortably, you need to keep your properties in good condition.
Performing preventive maintenance on your investment properties will keep you from paying costly utilities, damage repairs, and renovations.
Being a landlord can be a headache, so to help you prepare, here are 5 preventative maintenance tips to keep your rental property in tip-top shape!
1. Know Your Tenants
Before signing a lease, always have a clear understanding of who you are renting to.
You may have a different set of expectations if you rent to college students vs renting to a retired married couple.
Having an idea of your ideal tenant can help you prepare your lease agreement and plan preventive maintenance needs for the property.
When signing a lease, be sure that future renters understand their responsibilities and obligations when it comes to the upkeep of the property.
Set rules in place to ensure the life of your home, features, and appliances.
For example, if you don’t want to be dealing with heavy carpet cleaning on a regular basis, consider having a “no pets” rule in the leasing agreement.
Ask your tenant to promptly report any issues or problems that they might see.
An open line of communication will make maintenance procedures simple and allow for a good relationship between you and your tenants.
3. Set Up a Preventive Maintenance Schedule
Put together annual and monthly maintenance schedules to share with your tenant so that they’re aware of your plans.
Do regular inspections to check on any problem areas in the home, such as drafts, wall cracks, and leaks.
Some items to include on your maintenance schedules are:
- Pest control and prevention
- Carpet cleaning
- Landscaping upkeep
- HVAC inspection and cleaning
- Kitchen appliance inspection
4. Consider Outsourcing
Maintenance tasks can pile up quickly. If you or your tenant feel overwhelmed, consider hiring a professional to handle one or more tasks.
For example, you could hire an HVAC technician to monitor the heating and air conditioning systems or a landscaper to handle weekly lawn services.
While cost is a factor, outsourcing maintenance tasks can conserve your most precious asset: time.
5. Track Your Expenses
While maintaining a property will definitely help keep large costs down, maintenance costs can certainly cut into the bottom line of your investment if you’re not careful.
Be sure to keep track of your expenses and keep all receipts. Consider a simple online cloud space, like Google Drive, for spreadsheets and documents.
Keeping accurate records will save you money come tax time. Some of your costs may be deductible on your tax return and increase the profitability of your real estate.
With these tips under your belt, you’ll be able to manage your property more effectively, keep it looking great, and profit from your investment.
Did we miss a tip that you’ve found helpful? Share stories of how property maintenance has affected your real estate ventures in the comments below!