Residential real estate investment is a widespread outlet where many property investors pump their monies due to its profitability, stability, and other factors. These properties are mostly rentals, which the US Census Bureau estimated to be 22.5 million in 2015. Regular maintenance is an essential part of being a residential rental property owner, and as such, you should know what to do to keep your property in top shape. If you’re looking to learn more about how to maintain your property for the best results, take a look at these points.
- Hire professional contractors
Maintaining your property will require expertise that you may lack occasionally, and so many landlords recommend having experts to turn to when your Do It Yourself (DIY) skills run dry. Consider outsourcing tasks like electrical issues, plumbing, landscaping, heating, ventilation, and air conditioning (HVAC) concerns to the experts. Also, consider hiring professionals for your dryer vent cleaning to handle clogging issues and other problems to ensure that your dryers are in optimum condition. Although the upfront cost is a significant factor, hire experts to save cash and valuable time in the long-term.
- Perform routine inspections
It is prudent to seasonally inspect your property to detect any outstanding maintenance issues personally. Routine inspections are vital because they can significantly impact your property’s longevity and maintain your property’s value, especially if you notice and address problems early. Multiple landlords say you should check for things like; rotting wood, choked gutters, broken windows, and water leaks during an inspection. The external assessment is also vital even though many tenants consider interior maintenance, the only form of care relevant to their tenancy. As such, it is easier to miss glaring external faults. Therefore, prioritize routine inspections to save money, maintain your home, and improve its overall curb appeal.
- Make a preventive maintenance schedule
Many residential property landlords and real estate investors agree that having a personal preventive maintenance schedule is crucial for all property owners. Experts also say you will need roughly five times your monthly rent for yearly repairs, so draft a plan around this knowledge to guide you in performing preventive maintenance to address small issues before they become more challenging to handle. Inform tenants about their duty to notify you when maintenance issues arise for early detection. Addressing the problems early allows you to tackle them with ease and at a low cost to save you money and time in the future.
- Keep all receipts and documents in one file
Your residential property is a business, and you should have many systems in place that make it resemble one. One such approach is the orderly keeping of any relevant documents or receipts in physical files or cloud storage. That’s because some of your home repairs, improvement projects, and overall maintenance will technically fall under business expenses. As such, these costs are tax-deductible, and so it would help if you keep detailed documentation of fees and expenses to prevent run-ins with the Internal Revenue Service (IRS). Also, hire an experienced tax professional to help you navigate local laws and regulations and ensure that you aren’t violating any laws.