After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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If you're doing property leasing or renting, you're in the landlord business. As with all businesses, your main goal is to make money. However, expensive repairs, insurance, taxes and advertising can really cut into your bottom line. Fortunately, there are some ways that you can save some money when it comes to maintenance and repairs. If you stay on top of the following three maintenance items, you will save money in the long run. Sure, it's going to cost you now, but you will be thankful when you avoid costly repairs in the future.
Exterminate Regularly
Pests, such as rodents, bed bugs, roaches and termites, can do a great deal of damage in a short amount of time. They can undermine the structural and electrical integrity of your home and build extensive nests in the walls, all of which will take lots of money to repair. Once a major infestation takes root, it's very hard and costly to get rid of the pests. What's more, you will have a difficult time renting an infested home, which will cost you even more money as your house sits vacant. The best way to prevent infestations is to have an exterminator visit your property monthly even if there are no signs of an infestation.
Inspect Routinely
You can't depend on your tenants to tell you about problems. Inspect your property regularly or hire a property management company to do it for you. Major items to look for include water damage, water leaks and roof damage. Also, inspect the interior of the home, paying special attention to areas where leaks can occur, such as under sinks and in the shower. Make sure that all grout work and caulking is in good condition. Take this time to make sure the property is being kept clean and in good condition. Check the fire alarms as well.
Maintain Seasonally
Do not rely on your tenants to do routine seasonal maintenance, such as changing the furnace filters. Have a heating and cooling technician service the furnace and air conditioner in the fall and spring. This will keep everything in working order as well as uncover any minor issues before they become major problems.
If you want to save money on maintenance, you can't wait until a problem occurs to fix it. It will almost always cost more if you wait. As a landlord, you have to stay on the lookout for potential problems and perform routine maintenance to keep your properties in tip-top shape.
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