Across the country, residential rentals have climbed by 31% in the last year, and continue to inch steadily upward. That makes buying a rental property an increasingly attractive option for astute investors.
Owning an investment property can bring in an attractive passive income. Yet, it also takes considerable administration and continuous work.
As a property owner, it's your responsibility to keep up a rigorous property maintenance checklist if you want happy tenants and ongoing income. Keep reading to find out what's involved and how to make property ownership easier for you.
Initial Upgrades and Repairs
According to research by Porch, fixer-upper properties can cost as much as 45% less than regular homes. If you're considering going this route, you could find yourself faced with a bill for many important repairs.
- A home inspection to reveal any issues
- Structural fixes
- Repairing leaks
- Roof replacement or repairs
- HVAC repairs and replacements
It's important to work with a property management company to determine the amount of rent you can expect to earn before you buy a fixer-upper. This will help you figure out the financial risks involved in buying property as-is.
Once you've got the home move-in ready, you must set up numerous routine checks to ensure it stays that way.
Routine Property Maintenance Checklist
Property maintenance issues can crop up at the most inopportune times.
The best way to avoid these unexpected expenses is by inspecting the property regularly. That way, you can conduct small repairs before they escalate.
This is one of the most time-consuming aspects of owning a rental property unless you hire a team of property management experts.
A property manager will carry out regular inspections and repairs. In this way, they help you avoid unpleasant, expensive maintenance surprises.
Some of the things to include on a maintenance checklist include:
Discovering the presence of pests early on can help you get rid of them before they get out of control. Regular termite inspections and treatments are essential to protect your building from major damage.
A registered pest control company should inspect your property at least once a year.
An undiscovered leak can lead to mold and mildew growth and weaken a building's structure. It's easy and affordable to fix a small leak in a roof, toilet, faucet, or plumbing system.
Regular property inspections will identify these leaks before they become serious problems.
Heating and Cooling Checks
Household heating and cooling systems require ongoing maintenance to operate efficiently. An HVAC specialist should inspect your air-conditioner and water heater, change the air filters, and flush the water heater at least twice a year.
Roofs and Gutters
Regular gutter cleaning is essential to avoid blockages and breakages. Regular roof inspections and repairs can prevent catastrophic leaks and water damage.
It's also imperative to monitor smoke detectors, check for structural cracks, and inspect drainage systems. In many cases, a monthly check on the property is the best way to pick up any problems early.
Keeping Your Property Well-Maintained
Hiring a property management specialist is the best way to effortlessly tick off every item on your property maintenance checklist.
These professionals ensure timely maintenance inspection procedures. They also enjoy long-standing relationships with local suppliers, so you enjoy the best rates possible.
If you'd like to take all the hassle out of owning a rental unit, get in touch to see how our property management team can help you.