5 ways to save money on maintaining your investment property
One of the most expensive continuing costs of owning an investment property is maintenance. Small unaddressed problems can lead to costly problems in the future, from routine pest treatment to emergencies and larger issues. This article discusses the most frequent maintenance services that are necessary on investment properties, as well as how you can save money on each of them by following a regular maintenance plan.
Foundation maintenance
The majority of structures in California are built as slab on grade. This means that the soil might compress and weaken the foundations of your property over time. Small cracks in the walls, a jammed door, or bouncing and uneven floors may appear to be minor difficulties, but they might lead to major foundation issues in the future. If you or your property management discover any indicators of foundation concerns, contact a structural engineer as soon as possible.
HVAC maintenance
AC is standard in the vast majority of California rental properties. While this makes renters’ lives more comfortable, this equipment requires frequent maintenance to stay in good working order. Ideally, you should have your air conditioning and heating equipment checked once a year. Doing it today can increase the life of the unit by 5 to 10 years while also reducing dirt and germs in the unit.
Roof maintenance
The roof of a property is the first line of defense against the elements, notably rain and hail. If you fail to do regular roof maintenance, your home may develop leaks that worsen over time, resulting in significant water damage. Each year, have a professional inspect your property’s roof to fix any damaged tiles or replace mortar. By having the roof looked at annually, you can save yourself thousands of dollars, or have a plan when the roof eventually needs to be fully replaced.
Plumbing maintenance
Plumbing issues are another set of little annoyances that, if not addressed swiftly, can escalate into major repairs. If a renter reports a problem, such as a leaking faucet or toilet, get it repaired as quickly as possible to avoid further damage.
Pest control
Particularly in multi-famly properties regular pest control is far easier than dealing with an infestation of insects or rodents once they’ve established themselves. Monthly exterior pest treatment costs from $100 and $450, depending on the size and location of the property. Your property manager should be able to assist you in scheduling this so that you can safeguard your property against creepy crawlies in advance..
Spending money on maintenance now may feel like a drain on your cash flow, but these tiny expenditures in property care can save you money on much bigger maintenance expenses later. Consider investing in the aforementioned maintenance areas on a regular basis to maintain your investment property in good shape all year.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.
