Tips to Properly Maintain Your Rental Property
Owning and managing a rental property can be a difficult job. You have to deal with tenants, pay taxes and make sure that your property is up to code. When you’re completing your tasks as a property manager, don’t forget about upkeep.
Regular upkeep of your rental properties is essential if you want to keep your current tenants happy while attracting new tenants. A good upkeep program can keep your cash flow stream healthy for years into the future. When you’re making your rental property upkeep checklist, here are four things that you need to do.
#1. A Fresh Coat of Paint
If you’re like most property managers, you probably use white paint or another light shade for the interior areas of your property. White paints are usually the cheapest and they don’t require blending or special application. However, white paint has the disadvantage of making damage and dirt stand out. It seems that lighter shades can attract scuffs, scrapes and dark marks much more than other colors.
Make it a point to regularly repaint your tenants’ properties. Repainting before a new tenant moves in is a must but don’t stop there. Aim to repaint once or twice a year to keep things looking nice. Hiring professional painters isn’t necessary; it doesn’t take much time or skill to paint a few walls. You can buy everything you need at a local big box store for cheap and finish the job in few hours.
#2. Fix Things Before They Break
If you’ve ever gotten a call in the middle of the night from a tenant who is dealing with a leaking pipe or a busted furnace, you know that this is a serious problem. Fixing a broken appliance or pipe is extremely expensive and it makes you look like a negligent property owner if it happens often. Head off these problems before they occur by practicing preventive maintenance. Hire property inspectors to regularly check for problems.
Major appliances like water heaters and furnaces should be inspected and serviced annually. It’s a regular expense but it’s much cheaper than fixing an apartment that is soaked in inches of water.
#3. Don’t Forget The Floors
The floors of your properties will attract as much use and damage as the walls. Even if you have very clean tenants, floors will inevitably get scratched, scuffed and discolored. If you have carpeted floors in your properties, rent a steam cleaner or hire a cleaning company to deep clean the carpets on a regular basis. This is cheaper than total carpet replacement and it can make a big difference.
For hardwood floors you can mix up a homemade cleaning solution for pennies on the dollar. Get in there and give the floors a good scrubbing to make your floors look brand new.
#4. Spruce Up The Outside
Landscaping isn’t fun for anyone but it is essential for rental property upkeep. Make sure that you are trimming bushes and shrubs before they get out of hand. Fertilize and water the lawns to prevent dead grass and bare spots. An unkempt yard is sure to drive away possible tenants.
Upkeep is one of the most important parts of being a property investor. If you put in the work, you’ll reap the rewards.