November 19th, 2013
Any seasoned owner of an investment property will tell you that property maintenance can make or break your profit.
Here are 3 savvy maintenance tips that will save you money and ensure your property is a place your tenants are happy to call home.
Using long-lasting, low-maintenance materials may sound like an obvious choice, but you would be surprised how many owners of an investment property opt for cheaper, less durable materials to keep initial costs down.
Doing this may save some Benjamins in the short-term, but remember that an ounce of prevention is worth a pound of cure.
Consider installing vinyl siding and aluminum soffit and fascia. These materials, and the cost of the labor to install them, quickly pay for themselves. They do not rot and flake, and do not require repainting (wood needs to be painted every 2-3 years to prevent rotting). What’s more, they are guaranteed to last for up to half a century!
Water damage and mold in the walls is every property owner’s worst nightmare.
Not only is the repair invasive and costly, but mold is also a health hazard for your tenants. If the caulk around the tubs and showers of your property is damaged, leaks will occur.
Tenants may not know how to recognize when the caulk is damaged, so we recommend that you check the caulk in your investment property every six months.
If mold is growing on the caulk and/or the caulk is peeling, it should be replaced. Remove the old caulk and clean the area thoroughly to remove mold, dirt and soap scum before applying new caulk.
If you neglect the heating and cooling systems of your investment property, you’re asking for trouble. A lack of maintenance decreases their efficiency and increases energy consumption (and your bills!).
Furthermore, the lifespan of your systems will be reduced. They may even overheat and suddenly malfunction, leading to an unanticipated (and expensive) replacement.
Inspect your air conditioning unit and furnace each year to maximize their longevity and efficiency. Check frequently for debris caught in the outside condensing unit of central air conditioning systems and make sure there is no vegetation growing too closely to the unit. Be sure to keep your furnace clean—namely your filter system, the blower, and the motor. Change filters once a month.