You hear about it all the time: maintain your rental property! Did you know that keeping your property up to date is the best way to save money on your investment? Here’s why.
Fixing minor issues will keep them from becoming major headaches. That small drip under the sink is annoying and no big deal, right? Wrong. The damage it can do in the long run will cost you thousands of dollars, instead of a few bucks on a washer or a few more on a new faucet or pipe.
The cumulative effect of deferred maintenance can be very costly. That annoying drip can mean mold issues, damaged drywall on other floors or in other units, damaged flooring and subflooring… the costs keep adding up. Not to mention that your tenants will be more than put out should those big fixes need to be done. Is that small drip worth losing a good tenant over?
Speaking of tenants, good tenants expect that you will maintain your property, and will do the same by keeping it clean and letting you know about those small problems. Keep them happy by being as on top of things as they expect you to be and they will stay and keep paying their rent. They also won’t mind paying higher rents in a property that is well maintained.
Additionally the cost of fixing this problem during working hours will be much lower than if you eventually have to call in an emergency visit during off hours. Planning ahead to fix small problems can keep them from becoming a huge hit to investment income.
Maintaining your property will also mean you have a much higher return on your investment. Happy, long term tenants and a well maintained property mean higher resale values.
Long term tenants are a benefit to the next property owner too. Future good tenants will be a benefit too. Should your current one(s) leave, finding a quality replacement tenant will be much easier if the property is in its best shape. The resale value is higher as well because there are so few things that will need to be fixed it will appeal to prospective buyers.
Stay on top of the maintenance on your property. Your bank account will thank you in the long run!