Being a landlord can be lucrative, but it’s also challenging. You need to make sure that your properties are always in tip-top shape, whether they’re currently rented out or you’re still looking for the perfect tenant. It’s not reasonable to expect current tenants to ensure the total upkeep of your property, and there’s just no guarantee that your standards when it comes to maintenance are the same as theirs.
Renting takes work
Many people go into the rental business thinking that it’s an excellent way to earn passive income. The truth is that it takes work to run a profitable rental business. This is true whether you have one or multiple properties. Sure, you can hire a property manager, but the 10 to 15 percent cut that they demand can spell the difference between a rental being an investment or just a money sink.
Always remember that rentals are investment properties. Aside from the market mainly dictating pricing fluctuations, your home or apartment’s value is also greatly influenced by its physical state.
Routine inspections are the gold standard
Many landlords get burned by reckless tenants leaving their properties in shambles after a long period of not checking. You have to check your property regularly to make sure you address issues before they become bigger headaches. If you have a rental property drywall contractors in Park City can assist with routine inspections help you with identifying areas that need immediate remedies like walls that need reinforcement or repair. The same goes with other big-ticket items in the house: the HVAC system and the plumbing being two of the most common concerns for any property owner.
Routine inspections should be spelled out in your contract. Of course, you should never show up unannounced, but you can schedule visits ahead of time to check inside the property. Checking the exterior of the rental is easier as you only need to drive by in most cases. If it’s in a managed building, the building administration often maintains the exteriors, so you only need to make sure that your walls, floors, and other indoor areas are maintained.
Another way that rentals work to your advantage is that the property’s value is increasing while you’re also collecting rent checks. However, some things can set you back financially and eat up any gains that you get through the market or your tenants. One of the biggest things that many landlords neglect is pest control. Many landlords tend to brush off tenant reports of pest evidence, especially when the critters are not openly visible.
From bed bugs to termites, pests can affect property value and vacancy rates negatively. When there’s an infestation, local law will likely require you to relocate your tenants and do an overhaul of your place. That’s a significant investment. This is one of those situations where prevention is better than the cure. Termites can chip away at your property’s structure while bed bugs can get you liable for damages in case your tenants are directly impacted.
Tenants are your partners
Owning and running a rental property is not an easy task, but keeping up with maintenance will save you the heartbreak and headaches of dealing with more significant issues. It’s best to make sure that your tenants understand the value of maintenance and that they’re also invested in maintaining a dwelling that’s clean, safe, and comfortable for them as well.