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Decreasing Maintenance Costs in Your Rental Property

Maintenance and property upkeep can be a nightmare for many property owners in and around Baltimore.

Unexpected appliance breakdowns, skipped routine maintenance, and unusually harsh weather can all lead to maintenance problems that eat into profit.

Fortunately, there are proactive ways to reduce costs over time, including scheduling routine upkeep, investing in quality supplies and appliances, and knowing your options for quality property management in Baltimore County.

 

The Value of Routine Property Maintenance in Maryland

Being proactive is the best way to keep a home in top shape.

Far more than cleaning out the gutters or a pesky weekend chore, routine maintenance is a vital part of keeping your home’s value high and your occupants happy. Leaky faucets or cracked seals in a window can turn into expensive repairs in the future.

Whether water is seeping behind walls or drafts are increasing the expense of monthly utility bills, inexpensive maintenance can save homeowners and tenants considerable money.

Stay on top of the small fixes to preserve the property’s value, keep everyone safe, and drive maintenance costs down.

 

3 Ways Routine Maintenance Can Benefit Rental Properties

1. Save through small upfront costs.

Ignoring or failing to diagnose property issues can lead to more complex and costly repairs. Even something like a dripping faucet under a sink can lead to mold and rot if left to fester.

What could have been a simple fix with a cheap washer or some PVC pipe and glue may develop into a repair costing thousands of dollars. This is an easy way to avoid long-term damage to your property.

2. Improve your property value.

Taking initiative to look for and repair small problems means you are far less likely to experience extensive property damage. This helps a homeowner improve the value of an investment by keeping it from ever falling into disarray.

A weather-worn property, or one that has obviously not been inspected in a while, often has reduced curb appeal. In fact, up to 10% of a home’s appraised value can be lost due to poor property management, which can result in losses exceeding tens of thousands of dollars.

3. Appeal to future buyers and tenants.

If you ever decide to sell your home, few things will turn a buyer’s head like a low-risk investment. A home with all its appliances and utilities working and recently inspected is a guaranteed way to do so.

While investing in growing real estate communities is a great way to realize a return, property owners must stay on top of maintenance demands to be competitive.

While keeping up with repairs does not carry the same value as renovations or new amenities, with a solid management plan in place, the value of a property appreciates over time.

Not only will this protect your investment, but when the time comes to sell or sublet the space, a low maintenance property is simply more appealing.

This means you can earn more passive income knowing your property is reliably maintained. Additionally, the number of years your property is expected to survive (and earn) will increase.

 

Investing in Quality Supplies and Appliances for Your Property

Tenants will see proactive maintenance as a positive sign, but quality of appliances is a major selling point for prospective renters, too.

Seeing that a home has been routinely maintained not only gives these potential clients peace of mind, but enables home owners to charge more competitive rates for their properties. This means more applicants and a greater opportunity to find tenants you can trust.

Here are a few ways investing in quality supplies and appliances helps rental owners preserve the value of their homes:

Dependability

Older appliances and parts are simply more liable to break. Having a plan in place to regularly replace old fixtures with new ones ensures a consistent, dependable investment. This is a great way to keep your home’s appraised value high and renters happy.

Up-to-date warranties

In addition to more dependable appliances, investing in fresh and better supplies means you can rely on new warranties. Not only are old appliances more likely to break down, they are more likely to leave you with a large repair bill or the sudden need for a replacement.

Happy occupants

Tenants who are out a washer or refrigerator will be unhappy. This can lead to withheld rent if not handled promptly, and the process of disputing such claims is lengthy and expensive – and easily avoidable with a maintenance plan.

 

Property Management in Baltimore County

Even though so much value should be placed on keeping a home looking brand new, some homeowners still fail to practice these good habits.

While most would never willingly pay thousands of dollars instead of a cheap fix, some simply do not have the time to keep up with the demands of a home – let alone several properties or those being leased to others.

Luckily, there is a service in place that can handle all of these needs: professional property management.

Putting the “Routine” in Routine Maintenance

For one landlord, responding to all the problems that pop up in a rental home can be a hassle. Replacing filters, checking pipes, and adding new caulk are chores that quickly eat away at your free time. For landlords with two or more properties, the demands are exponential.

Trying to take on so many duties at once often leads to addressing problems as they arise rather than getting ahead of them.

This is exactly why property management companies exist. With a system for routine maintenance and repairs in place, homeowners can rest assured that steps are being taken to keep their rental properties in pristine shape in addition to routine checks to guarantee everything is running the way it should.

Relieve Your Tenants’ Concerns

If a pipe breaks or the AC fails, it isn’t the homeowner’s burden if they have a property management company on their team. This means no more 1 a.m. phone calls, and no more DIY fixes that lead to more problems in the future.

Property management companies have a network of trustworthy contractors to repair any problems that may arise with your income property. Keep tenants happy and drive the cost of an extensive repair down by relying on professional management.

Local Service You Can Trust

If you are an owner and you are looking to move, you can rest assured there is a Baltimore County property management team to tackle everything on your behalf, from routine maintenance to screening new tenants and handling legal paperwork.

 

Whether you own rental properties in Baltimore County or around the Washington, D.C. metro area, Bay Property Management Group delivers 24/7 responsiveness to ensure that any problem will be addressed immediately.

With our competitive 8% monthly management fee and a 12-month tenant warranty, landlords can sleep easy at night knowing there is a reliable rental management company standing by to tackle any maintenance or repair needs that arise.

Get on top of your repairs and rental management by reaching out to us today.

 

3 thoughts on “Decreasing Maintenance Costs in Your Rental Property

  1. Lauren says:

    Investing in routine maintenance for rental properties can definitely save money and improve the property value. Keeping up with repairs can help prevent future long-term damage from occurring. Thanks for sharing!

  2. Susan Brown says:

    What about just finding cheap apartments for the first step? Studio apartments and lofts are efficiency ones so you possibly will spend less because of their size.

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