Owning and managing a rental property is a difficult job to do. Although it is a good source of income, not all payments go to the landlords. They have to pay utility bills, maintenance fees, and repair fees. They cannot overlook even one of those things. However, they can avoid some expenses if they know what to do.
Utility bills are a given when renting out to tenants because you have to pay them every month. While maintenance fees are essential, they are not always present. Sometimes landlords have to spend money on repairs, and some can be very expensive. As much as the landlords dislike paying for repairs, they have to because it may cause an even bigger problem. Speaking of high-cost restorations, do you know which ones are expensive?
I know these things are not part of your job as a leasing agent, but knowing about them is helpful information. You can inform the tenants about the cost of repairs and make them realize the importance of taking care of the rental. Some renters may not grasp the consequences of causing damage. But once they do, they will take it upon themselves to help the landlord maintain the rental property.
What exactly are the most expensive rental repairs?
Heating, Ventilation, Air Conditioning System
One of the things tenants look for in a good property rental is comfort. Having an efficient HVAC system contributes to that. Units may last for 15 to 25 years, so investing in them is very much worth it. However, once they break, replacing them will cost a lot of money for the landlord.
To avoid problems with the HVAC system, landlords should schedule regular maintenance check-ups by professionals. The technicians can inspect the air filters, electrical connections, and blower components. An assessment every six months should do it.
Break in the foundation
Aside from comfort, landlords have to ensure the tenants’ safety always. A break in the rental’s foundation poses a risk for everyone and can render the property uninhabitable. It can cost the landlord thousands of dollars to repair it. Not to mention the lost income from rent because nobody can occupy the building.
The good thing is property owners can avoid it altogether if they conduct routine inspections of the building. They should know the warning signs, such as cracked walls or sloping foundations.
Mold
Sometimes people may overlook leaks inside their homes. Because of this, molds may start to grow without the tenants knowing. Their presence can cause health problems, especially for renters with respiratory diseases. Other than the cost of clearing out the molds and repairing the leaks, landlords may have to pay for treatments and hospitalizations.
Tenants should report leaks immediately, so their landlords can get them fixed. Property owners should try mold-resistant materials, such as paint with inhibitors. Investing in a dehumidifier can’t hurt either. You can also instruct the tenants to open the doors and windows from time to time.
Roof damages
The roof of the properties is part of the buildings’ superstructures. Leaks can set you back thousands of dollars for repairs. Sometimes gutters can clog up, and water will wash up on the roof. It can result in damage to the shingles.
The roof will need inspection annually. Of course, landlords should not do it because they may fall and hurt themselves. They can hire a roofer instead. While the damage is minimal, property owners should address it as soon as possible before it becomes a complicated problem.
The landlord is not the only one responsible for keeping the property in good condition. Tenants should do their part because it may also cost them money if they cause the issue in the first place. Remember to choose renters who will take care of the property as their own.
But before that, put out your ads first. I know a great website where you can do that, and it’s called Padleads. Padleads will let you create and post your property listings online, and it gets better. You can syndicate those listings to other web pages too. Worth every penny.