5 Preventative Maintenance Tips for Landlords
Are you a new property investor just starting out taking care of your own rental property? Or are you a landlord already who is hoping to cut down on time and money spent on maintenance?
To ensure your tenants are kept happy and that your property is well-kept, you will need to regularly inspect and maintain your property but there are preventive measures you can take to reduce costs, damages and energy spent on fixing problems.
Below are five easy steps you can implement to save you headaches in the future:
1) Choose your tenants wisely
Always know who you are renting to so you can prepare your rental agreement accordingly. For example, if you are renting to a couple with young kids or to college students, you may expect the chance of damages to be higher than if you were to rent to an older married couple with no kids.
This isn’t to say that you shouldn’t rent to the former kinds of renters but knowing who you are renting to will help you to prepare your lease agreement and predict what kind of maintenance your property will need.
2) Communicate expectations clearly
When you create and sign the lease, make sure your future tenants understand their responsibilities and obligations when they are staying in your property. Here you can communicate any rules they must follow to ensure your property is upkept in a reasonable standard.
Create an open line of communications and ask your tenant to report any issues or problems to you immediately. You can let them know a list of things to look out for also.
3) Create a Preventive maintenance checklist
By setting up an annual or quarterly maintenance checklist of common issues to look out for, you will be more likely to spot problems before they arise rather than after the fact.
At your regular inspections you should check for things such as cracks in the wall, damage to carpets, drafts and leaks. You could also include:
- Pest control
- Heating/ air filter cleaning
- Kitchen appliances
4) Find a maintenance man that you trust
If you’re quite handy yourself, you could save a lot of money by repairing any issues yourself but it’s a good idea to find a maintenance man who you can trust in case maintenance tasks build up.
You could have different specialists for different features such as the appliances, landscaping or AC unit. The idea is to get contractors who will remember the maintenance history of your property or appliances and who you can count on for good advice.
5) Track all expenses
Make sure to track down all your costs accurately in a spreadsheet so that you can make sure you’re getting the most out of your investment.
Having all your expenses recorded will also save you a lot of time and money when tax comes around. Some of the expense may even be deductible from your tax return.
By following these tips, you are sure to keep your property well maintained and your tenants happy!