Maintenance is an expected part of owning a rental property. It’s the most expensive and time-consuming part of owning a rental property. If you aren’t proactive and careful about property maintenance, then it can wind up being a frustrating costly endeavor.
But it doesn’t have to be. Here are some of the best ways to limit maintenance costs for your rental property.
1. Invest in Quality and Efficiency
One of the best ways to limit maintenance costs on any property is to make sure that the items that need maintaining are efficient and of high quality. Items such as low flush toilets, high efficiency appliances and energy efficient light bulbs will limit the amount of time and money that goes into replacing and repairing these items.
2. Deal with Items Right Away
When items are in need of repair or servicing it’s important to act on them right away. By delaying maintenance, it simply compounds the problem further and can end up costing more to repair or replace items than is needed. Remember to be proactive in your property maintenance to limit the costs associated with it.
3. Perform Regularly Scheduled Maintenance
They say an ounce of prevention is worth a pound of cure and this couldn’t be truer when it comes to property maintenance. Create a monthly, seasonal and annual maintenance schedule you can use to inspect your property and make regular repairs. By doing so, you get into the habit of minimizing maintenance items and their associated costs.
4. Set Aside an Annual Budget for Maintenance
Set aside a portion of your annual rental income to dedicate to ongoing maintenance. By being prepared for maintenance costs, it limits the financial burden one faces when it comes to making repairs and getting items serviced.
5. Do the Repairs and Maintenance Yourself
Performing repairs and ongoing maintenance yourself is an easy way to keep costs down. Whether it’s flushing your hot water heater, replacing the weatherstripping or doing the landscaping, performing your own maintenance helps save the time and money spent hiring and paying others to do it.
6. Shop Around for Contractors and Vendors
When you do need to seek the services of a professional contractor or repair service, then shop around for the best value. Find professionals who do great work in a timely manner and build a working relationship with them. This can go a long way to limiting your property maintenance costs over time as you continue to trust and use their services.
Bottom Line
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