Repair costs are always going to be a factor when you own rental property, but there are things you can do to keep those maintenance expenses low. Remember that investing in your property’s condition is not a bad thing. While no one likes to spend money, protecting your property and preserving your asset is important in being a successful investor.
Working with a good property manager is an excellent way to keep your maintenance costs in check. Property managers work with a list of preferred vendors who have already been vetted for you. They will be licensed, insured, and able to provide high quality work for affordable prices. Because property managers give so much work to their preferred vendors, they often get deep discounts that you’d never be able to get as an individual landlord. Leverage the relationship that property managers have with vendors and contractors.
Make sure your lease is explicit about what your tenant is responsible for fixing and maintaining. If you want your tenant to pay for the landscaping or the new air filters, make sure that’s clear in the lease and understood by the tenant. Your tenants will also need to know what you will expect to find when they move out. Include information on what they’ll need to fix, clean or replace before their security deposit is returned to them in full.
Staying on top of preventative maintenance is very important when you’re trying to keep your maintenance costs low. Don’t put off any work that needs to be done. If you notice a slow leak below a sink, fix it immediately. Leaving it for a few months will only allow it to turn into an expensive plumbing problem and it may lead to other problems, like rot and mold. Small maintenance problems are never going to go away – they will only grow more complicated and costlier. Conduct regular inspections at your home so you know what needs attention.
Saving money on maintenance requires you to be attentive and responsive. There are other ways to save money on your investment property, and if you’d like to hear more about that, please contact us at Abacus Avenue Property Management in Hoboken, NJ. We’d be happy to share additional information.