Real estate investing can be a great way to earn passive income. Most rental property owners use rental income to pay property taxes, energy bills, and mortgage payments. Just like your own home needs regular maintenance, so does your investment property. Being a landlord means being responsible for preventative maintenance and emergency and costly repairs. The best way to ensure your rental unit survives, in the long run, is to prioritize regular maintenance.
Hire the right professionals for regular maintenance.
There are two options for rental property maintenance: either do it yourself or hire a property management company. It’s important to thoroughly vet the manager of your property and ensure they have good communication skills and a positive track record. A property manager should be diligent with maintenance checklists and ensure that all maintenance issues are addressed. Failure to address minor issues could result in costly repairs.
If you choose to be a hands-on rental property owner, it’s important to know which maintenance tasks are DIY and which are best left to the pros. Regular maintenance tasks that you can accomplish include landscaping, basic cleaning, changing lightbulbs and smoke detector batteries, and cleaning gutters. When it comes to anything plumbing, electrical, HVAC, and winterizing, it’s a good idea to hire a pro.
Having a professional technician service your HVAC system annually is the best way to ensure your system lasts for the long run. The licensed HVAC technicians at Cook’s Comfort Systems have years of experience providing professional HVAC system maintenance. They offer homeowners top-notch heating, cooling, and air quality services including repairs and installations. Professional HVAC maintenance ensures your coils, air filters, ducts, thermostats, and ventilation are performing properly. Not only does HVAC maintenance improve your rental property’s energy efficiency, but it also helps lower energy bills.
Create a weekly cleaning checklist.
Your rental property should be maintained on a weekly, monthly, and annual basis. Create a weekly maintenance checklist and ensure all tasks are tackled. This includes weekly lawn care, trash removal, and cleaning common areas. The exterior of your investment property should always be free of trash and debris. Whatever you do in your own home you should do to maintain your rental property.
Whether you’re a first-time landlord or a seasoned veteran, many responsibilities come with the role. Von Bondies offers a comprehensive guide for managing a rental property to ensure you avoid potential problems. The most important step of preparing an investment property for rental is to prioritize safety according to fair housing laws. Failure to invest in safety features such as smoke alarms, carbon monoxide detectors, and ensuring that major home systems are up to date could result in personal liability for injury. It’s important to screen tenants to ensure a good fit. Screening potential tenants by speaking with their references will give you an idea of their ability to make on-time rent payments and avoid any potential problems.
You’ll need to make the right renovations that will increase your property value and attract new tenants. Focus on making sustainable upgrades and repairs that can improve your bottom line. You need to draft a detailed lease agreement that clearly defines the monthly rental payment, penalties for late payments, right of entry, the length of the lease, and how damages affect the security deposit. It’s also a good idea to change the locks between tenants to ensure there are no issues.
Keep up with your annual maintenance checklist.
Prioritizing your annual maintenance checklist helps prevent future problems that lead to expensive repairs. Annual maintenance tasks tend to be larger projects and should be scheduled in advance for greater efficiency. The carpets and flooring of your residential rental property should be cleaned and repaired annually. It’s important to clean dryer vents, drain the water heater, inspect the interior for signs of mold and water damage, and check the condition of home appliances and systems. On the exterior, you should inspect the siding, roofing, and gutters and ensure that chimneys aren’t blocked. Look for signs of water damage, power wash the exterior, driveway, and walkway, and repair damaged fencing.
Maintaining your rental property doesn’t have to take much time or money so long as you prioritize routine maintenance.