Here comes the money! The median asking price for monthly rent payments in the third quarter of 2022 was more than $1,300.
This sounds like a lot of cash, but not all of it will go into your pocket. You have to spend some time and money on property maintenance. Yet you can cut your expenses by figuring out a few essential maintenance tips.
What should you and your tenant do? How can you maintain the exterior of your property? Who can help you with your property maintenance?
Answer these questions and you can have a beautiful and modern property in less time than you think. Here are six essential property maintenance tips.
1. Outline Your Responsibilities
Your lease should describe how you will perform maintenance on the property. However, you do not have to take all responsibilities for maintenance.
You can allow your tenant to take care of things inside their apartment, repairing broken pipes or adding new paint to the walls. Be clear on what you want them to do and when they need to call you for assistance.
2. Document the Property
Before your tenant moves in, you should take photographs of the apartment so you know what it looks like. You should then conduct at least one inspection every year, taking additional photographs and written notes to see what needs fixing. Your tenant should fix anything that does not come from wear and tear immediately.
3. Create a Low-Maintenance Landscape
You can create a beautiful landscape through low-maintenance landscape ideas and tips. Install an irrigation system that will water your lawn for you based on timers. You can plant your flowers and grass in mulch, which can maintain moisture and keep the plants cool.
4. Improve Features Over Time
Many landlords wait for things to break down before stepping in to fix them. Preventative maintenance can save you money and prevent problems from occurring.
LEDs last longer than incandescent bulbs, so you should install LEDs in and around your property. You can also install motion-activated lights so you don’t have to repair switches.
5. Break Tasks Down by Season
Each season has its own property maintenance challenges. In the winter, you need to set aside time and money to mow the walkways and spread salt that melts snow and ice. In the spring, you need to fix the HVAC system so you have cool air during the hot summer months.
6. Hire Professionals
You do not have to maintain your property by yourself. For electrical and HVAC work, you should hire professional contractors. If you want to renovate the property, you need to hire a company that can run the project over a few months.
You can consider hiring property managers if you’re the landlord of many properties. You should hire a manager before you need one and look at multiple candidates so you find an experienced professional.
Figure Out Property Maintenance
All great landlords provide property maintenance. But you can require your tenant to take care of their own property. You should document changes to their apartment and require them to pay for things they damage.
Reduce the time you spend on maintenance by adding low-maintenance features to your exterior and updating your interior. Schedule when you need to do things by season, then hire professionals who can take care of those tasks.
Get further tips from real estate professionals. Outland Real Estate serves the Central Coast of California. Contact us today.