Maintenance and property upkeep can be a nightmare for many owners in and around Richmond. For instance, unexpected appliance breakdowns, forgotten 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. Read along as we discuss decreasing maintenance costs in your rental property.
The Value of Routine Property Maintenance
Being proactive is the best way to keep a home in top shape. Waiting to make repairs or perform seasonal maintenance can leave you with more issues than you started with. Whether you have a property management team in Richmond or maintain rentals yourself, routine maintenance is crucial.
Far more than cleaning out the gutters or a pesky weekend chore, regular maintenance is vital to keeping your home’s value high and your occupants happy. For example, leaky faucets or cracked seals in a window can turn into expensive repairs in the future.
Whether water is seeping behind walls or window drafts increases your monthly utility bills, inexpensive maintenance can save homeowners and tenants considerable money. Here’s how to work toward decreasing maintenance costs by staying on top of maintenance.
Decreasing Maintenance Costs With 3 Steps
Routine maintenance is necessary for all rental properties. So whether an appliance breaks, seasons change, or you’re preparing for a new tenant, you can’t skip out on basic maintenance procedures.
While you may want to save money and wait as long as possible for some property repairs, it can cost you more to wait. To avoid further damage and decrease routine maintenance costs, here are three tips to consider.
- Save Through Small Upfront Costs
- Improve Your Property Value
- Appeal to Future Buyers and Tenants
Save Through Small Upfront Costs
While you may be interested in decreasing maintenance costs, failure to diagnose property issues can lead to more complex and costly repairs. For example, even a dripping faucet under a sink can lead to mold and rot if left untreated.
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. As such, immediately taking care of minor fixes can reduce the chances of long-term property damage.
Improve Your Property Value
Taking the initiative to look for and repair minor problems means you are less likely to experience extensive property damage. In addition, this helps a homeowner improve the value of an investment by keeping it from ever falling into disarray.
A weather-worn property that has obviously not been inspected in a while often has reduced curb appeal. Up to 10% of a home’s appraised value can be lost due to poor property management, resulting in losses exceeding tens of thousands of dollars.
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. Keeping up with repairs does not carry the same value as renovations or new amenities. However, 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 more appealing. This means you can earn more passive income knowing your property is reliably maintained. Additionally, the 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 the quality of appliances is a significant selling point for prospective renters, too.
Seeing a well-maintained home not only gives these potential clients peace of mind but enables homeowners to charge more competitive rates for their properties. This means more applicants and a better opportunity to find tenants you can trust.
Here are a few ways investing in quality supplies and appliances help rental owners preserve the value of their homes:
- Up-To-Date Warranties
- Happy Occupants
Older appliances and parts are simply more liable to break. The plan to replace old fixtures with new ones regularly ensures a consistent, dependable investment. In addition, this is a great way to keep your home’s appraised value high and renters happy.
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, but they are also more likely to leave you with a hefty repair bill or the sudden need for a replacement.
Tenants who are out of a washer or refrigerator will be unhappy. Complaints may 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.
How Can Professional Property Management Help?
Even though most investors strive to keep their rental homes looking brand new, some homeowners still need to practice these good habits. While most would never willingly pay thousands of dollars instead of a cheap fix, some do not have the time to keep up with the demands of a home – let alone several properties or those being leased to others.
If you’re looking at decreasing maintenance costs in your rental properties, there are a few options to explore. Luckily, there is a service in place that can handle all of these needs: professional property management.
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 diminish your free time. For landlords with two or more properties, the demands are exponential.
This is precisely 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.
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.
Hire a Local Management Team You Can Trust
Suppose you are an owner and you are looking to move. In that case, you can rest assured there is a reliable property management team to tackle everything on your behalf. Whether it’s routine maintenance, screening new tenants, or handling legal paperwork, BMG can help.
If you own rental properties in Baltimore, Philadelphia, Northern Virginia, or Washington, DC, Bay Property Management Group delivers 24/7 responsiveness to ensure that any problem will be addressed immediately.
Get on top of your repairs and rental management by reaching out to Bay Property Management Group today.