Money Saving Tips For Rental Properties
If you’re a full time or even a part time landlord, you probably know how important it is to stay on top of maintenance and repair issues with rental properties.
Regularly scheduled maintenance will help you address small problems before they become big expensive ones. Even more importantly, it will greatly cut down on the number of tenant complaints that you get.
As an Orlando realtor, I’ve sold hundreds of investment properties to investors, many of which are landlords.
Working closely with these Orlando real estate investors I’ve learned some quite a bit about stretching a dollar on maintenance and repairs when it comes to rental properties.
6 Simple maintenance tips that can save you some serious cash:
- Testing the smoke detectors- Making sure that the smoke detectors have fresh batteries can save you money and more importantly, save lives. By alerting people when there’s a fire smoke detectors can minimize the damage done to the property. It’s also a good idea to tell your tenant to alert you when that annoying chirping noise begins as some people may be unaware that the chirping means your smoke detector battery needs replacing. Also, failing to make sure that your smoke detectors are working properly could leave you open for a lawsuit.
- Have an electrical inspection done before moving in tenants- A thorough electrical inspection will uncover any issues with unsafe wiring which can cause a fire. It’s also a good idea to make sure the appliances are in top working order before moving anyone in to avoid the possibility of someone getting shocked.
- Inspect for moisture and water damage- Moisture if undetected in a home can cause some serious damage including health issues, especially if there’s mold. You should check for moisture around and under sinks, water heaters and AC units thoroughly. Extensive moisture damage can turn into some pretty hefty repair bills. While checking for moisture damage, you may as well have a caulking gun in your hand to make sure all tiles, tubs and sinks are completely sealed.
- Treat for pests regularly- Whether you have an insect problem or not, you’d be wise to spray for them. By treating for them before they even make an appearance you can stay ahead of the game. Also, it’s pretty hard to rent out a home if it’s infested with insects.
- Inspect The AC once a year- The central AC is one of the most expensive items you’ll ever have to replace on a house. By having it professionally inspected and maintained once a year you can ensure that you’ll get the most mileage possible out of the unit before having to replace it.
- Painting- By keeping your property nicely painted, not only will it look it’s best but a good paint job can prevent water damage and wood rot. Again, this can save you big bucks in the long run.
As you can see from the list above, keeping a rental home properly maintained is not exactly rocket science but it does require consistency. If you’re the type of landlord that’s just too busy to handle these things, you might want to consider hiring a property management company to help you out.