Being a landlord is no fun. There are many investors who are excited by the prospects of a steady stream of monthly income. What they do not realize is the kind of effort (and money) that goes into repairs that are a part and parcel of maintenance of any rental income property. Some of these repairs are cosmetic in nature and get over quickly without any fuss. However, there are some rental repairs that are not only costly but also very tiring and time consuming. Here are a few of them and how to avoid these repairs.
Replacement of HVAC
The life-cycle of any good quality HVAC unit is between 15 and 25 years. HVAC unit is a prerequisite in any rental property as all tenants want their homes to be warm and comfortable throughout the year. You must be prepared to spend a fortune whenever it is time to replace a HVAC unit in your property. You cannot prevent replacement, but you can certainly make the unit last longer through periodic inspections and routine maintenance. Ask your tenants to replace the filters every 2 months and call in professionals whenever there is a complaint from a tenant regarding poor performance of HVAC.
Foundation damage
This is another rental repair costing thousands of dollars and a very long time. Once foundation damage comes to light, it has got to be fixed before the property becomes habitable for your tenants. This is because your property becomes unsafe for the residents. To avoid this predicament, it is prudent to inspect your basement and crawlspaces frequently to identify any cracks and other warning signs. Warped and sagging ceilings and cracked walls are the early signs of a damaged foundation. Address the issue as early as possible to avoid spending lots of money.
Damaged sewer pipes
If you are receiving drainage complaints from your tenants frequently, it must be because of a damaged sewer pipe. This damage can take place because of roots of trees finding their way to your sewer pipes. If this happens, there is no other way to fix the sewer pipe after evacuating the tenants. To avoid such a costly exercise, it is advisable to call in plumbing experts to carry out inspection of your drainage pipes every year. These experts keep your drainage lines clean and clear and avoid costly sewer pipe damage.
Mold problem
Mold is a problem that is plaguing more and more properties these days. Stale and stagnant air and moisture are the causes of mold. As breathing in environments having mold can be hazardous for health and it can result in irritation of eyes, skin problems, wheezing, and breathing troubles. As a landlord, you need to remain alert and take corrective action whenever you see conditions conducing for development of mold in your rental property. Make sure there are no stagnant water and leaks in bathrooms and other areas. You can also install dehumidifiers in dark places in your property to prevent formation of mold.
Roof repairs
Roof repairs and replacement are very costly exercises for any landlord. There is a life-cycle of any roof, but you can elongate the life of the roof by taking inspections frequently and getting repairs whenever there are any issues. If possible, visit the roof top and check the condition of the gutters. Also closely inspect the shingles to see if there are any missing shingles or if they are worn out. Roof repair can be a costly exercise but identifying the warning signs and regular inspection of your roof will help you keep roof troubles down to a minimum.
p>If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
