Maintenance plays a crucial role in increasing the value of your rental property and attracting high-quality tenants. It lowers the risks of potential damages, retains your tenants in the long run and increases the rentability of your asset. However, it can be challenging to maintain your property without having a solid maintenance plan in place.
Here are some helpful tips for maintaining your investment property over time.
Conduct Regular Walkthroughs
Regular inspections are one of the best practices for maintaining your investment property. You can conduct three types of inspections to prevent significant damage and ensure your unit stays in good shape.
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Move-In
This inspection allows tenants to identify any prior damage and for owners to document the property’s condition.
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Move-Out
As the name suggests, it comes when the tenants move out of the unit. It allows you to note what normal wear and tear and maintenance issues need attention before you rent it to new tenants.
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Routine Inspection
Under this inspection, landlords should check every item on the property, including all the units, cabinets, exterior of the property, fixtures, appliances, HVAC, air filters, plumbing and drainage.
You can conduct routine inspections on a monthly, quarterly, and annual basis. You can hire a professional inspector who can provide detailed inspection reports and document all the significant repairs for the record.
Create A Maintenance Checklist
Maintenance issues are often unpredictable for landlords and stressful for tenants and can create inconvenience for you if not handled properly. However, creating a thorough checklist can help you tackle the situation proactively. Here are a few tasks you should add to your checklist
- Identifying pest and mold infestation
- Checking for water damage and leaks
- Refreshing shower caulk and grout
- Inspecting roof and cleaning gutters
- Patching cracks in ceiling or drywall
- Replacing filters in air conditioner and furnace
- Flushing the water heater
- Checking smoke and carbon monoxide detectors
Set The Maintenance Budget
Determining how much money you should allocate for rental property maintenance can be tricky. Many investors use the 1% rule to set their budget for addressing rental repairs. According to the rule, you can spend 1% of the total property value on managing maintenance expenses. However, the cost may defer according to several factors, such as the property’s age or the cost of living in the area.
Address Maintenance Requests Promptly
Investors often avoid addressing maintenance requests immediately as they are afraid of spending too much money on them. However, neglecting maintenance complaints often result in costly repairs and replacements. Therefore, it is crucial to be available round the clock to respond to your tenants and resolve them on priority.
Some emergency repairs include gas or roof leaks, non-functioning heating systems, clogged drainage, or structural damage. If not fixed immediately, these issues can cause potential safety hazards to your tenants.
Invest In Professional Cleaning
Regular property cleaning can help you keep your investment in good condition and looking its best, making it more attractive to potential tenants. It can also help prevent normal wear and tear and save money you might spend on costly repairs down the road. Additionally, regular cleaning keeps the property free of dust, dirt and other debris, which can cause health and safety hazards for tenants.
Repair Or Replace Non-Functioning Appliances
Home appliances are a significant investment for your rental property. Therefore, it is crucial to service them regularly and replace them if necessary. You can also add tenants’ obligations for maintaining appliances in your lease agreement.
Also, consider replacing internal parts of the appliances if needed. It can save you money that you might invest in buying new appliances. You may also choose to install energy-efficient appliances to save more on electricity bills.
One of the best ways to maintain your investment property is to hire a property management company. Property managers can suggest necessary upgrades, help you set a monthly maintenance budget, and keep your property in optimal condition, ensuring high rental value in the long run.
New Bridge Management is a leading property management company in Modesto, serving Turlock, Patterson, Merced, and Stockton. We have been in the real estate business since 2009 and can assist you with your investment property maintenance regularly.
For more information, contact us at New Bridge Management.
