In order to keep your rental property profitable, you have to be able to stretch your maintenance dollars. Maintenance bills can really add up, and sometimes you need to be able to prioritize the repairs that are more important and those that can wait. You can prioritize maintenance concerns based on the potential for profit and loss. Read on to learn more about how to prioritize your property maintenance needs.
#1 –Hazardous Conditions
When you are a landlord, you always have to think about your rental property in terms of potential liabilities. If there is a hazardous condition on your property, your tenants or visitors could be injured, and you could become liable for any damages or fines that result from that injury.
You should have insurance in place to protect you from liabilities, but not everything is covered. And of course, it’s not just about financial liability; you want to protect your tenants and prevent any harm from coming their way. Landlords should take all reasonable measures to protect tenants from harm. If there is the possibility that you can anticipate a potential hazard, you should focus on making the necessary repairs to eliminate that hazard promptly.
Pay special attention to areas that have the potential to be risky. This includes access areas, like stairs, windows, patios, and parking spaces. Make sure that your property is in compliance with building and fire codes at all times; after all, those codes are in place to protect you and your tenants.
#2 – Security
Again, the landlord has a duty to provide reasonable measures of security for the tenant. You should always prioritize funds for simple security measures like deadbolts locks and outdoor security lighting. These steps help to deter crime, which protects both your tenant and your property. When a request for repair to security features is made, be sure to respond promptly.
#3 – Climate Control
Landlords have a legal duty to provide a habitable residence. Habitable typically means that there is heat, water, plumbing, gas, electricity, and a structurally sound roof. If you fail to provide these measures, your tenant can make a claim for rent abatement. In many communities, there are ordinances that will impose fines on landlords if the room temperature drops below a set point.
From a financial perspective, a landlord is much wiser to have the heating and cooling systems routinely inspected and repaired than to wait for a problem to occur. Emergency repair costs can be quite high, and they also create a major inconvenience for your tenant.
#4 – Water
The most expensive property repairs are caused by water. Even a small leak from a toilet or dishwasher can end up requiring major repairs. An unrepaired leak can quickly cause structural damage, so any water-related repairs should be high on a landlord’s list of priorities.
Most water damage can be prevented if you perform routine maintenance and inspections. Clean the gutters regularly. Check the roof for damage after storms, and make any necessary repairs quickly, before water is allowed to infiltrate the roof. Check the hoses on the washing machine periodically for signs of wear, and replace them as needed. Be sure to set aside funds for replacing appliances when the need arises.
In addition to structural damage, water can also cause mold. If you discover mold in your rental property, be sure that the mold is properly remediated. Otherwise, it will return and become a chronic problem.
If you own a rental property in Phoenix and Scottsdale or are considering purchasing one, contact McMath Realty. We provide investment consulting, property management, rental management, property inspections, and home maintenance. We make it easy for you to own a rental property, so give us a call to learn more about our services today.