Becoming a landlord may seem like a lucrative pathway to building wealth and generating passive income streams. While that is true, the pathway is also riddled with challenges, obstacles and responsibilities. Once you decide to turn your property into a business, you must prepare yourself to apply business management principles and concepts.
It’s wise to create a checklist of all the chores you need to do. For instance, de-cluttering and prepping up the property, performing repairs and maintenance tasks, and ensuring hygienic living conditions for your tenants. You will also have to manage your taxes, and conduct research on the state and federal landlord-tenant legislation.
Maintenance is probably the most troublesome and hectic duty as a landlord. Routinely repairs and maintenance falls under the legal obligations of landlords. They are responsible for ensuring hygienic living conditions, and paying utility expenses, amongst others.
It’s hard to constantly monitor household systems and general upkeep, but as a landlord, you are responsible for handling all maintenance issues caused by improper housekeeping, and amortization. Keep reading to explore some common issues landlords face while managing rental properties.
Common Repair & Maintenance Issues
Leaking faucets and toilets are a common household issue, and they can increase your water bills drastically. If ignored persistently, water leakage can cause flooding through the property, a serious hazard in apartment complexes and multi-family buildings. Leaking faucets can also damage the water supply lines because of excessive corrosion.
Clogging is another major household issue that starts harmlessly but holds the potential to inflict massive damages. Clogged bathtub drains, and kitchen sinks are fairly common, and when neglected, clogging gives birth to foul odors, draining issues, and water contamination. Should the water start dripping or accumulating, it can cause extensive property damage, and even ruin the structural foundations of a property.
HVAC Repairs & Maintenance
Heating, ventilation and air conditioning (HVAC) systems require regular maintenance and upkeep. Malfunctions can cause great discomfort to your tenants, alongside increasing energy consumption and utility bills. Gas heating comes with the risk of carbon monoxide leakages and poisoning.
A disastrous problem that comes with enormous expenses, mold growth is an evil that must be nipped in the bud. Mold thrives in excessively humid and moist environments that lack proper ventilation. Its common to see mold growing on walls, attics, bathrooms and basements. It’s a major health hazard that gives rise to asthma, respiratory issues and allergies. Mold is hard to eliminate once it starts spreading, and it can reduce the overall market value and appeal of your property.
Roof Repairs & Damages
A leaking roof is a major problem that must be fixed in its earliest stages because leakages can damage the structural integrity of the house, particularly the ceilings and the attic. Roof repairs and replacements are enormously costly expenses, so its wise to undertake regular inspections to identify and prevent leakages before they turn serious.
No one likes to live with cockroaches roaming around the kitchen and armies of ants attacking their food. Tenants are more likely to vacate properties infested with rodents, insects or any kind of pests. Pest infestations can also damage your property, fixtures, and electric wires. Once an infestation occurs, eliminating pests is next to impossible because they multiple at the speed of lightening. It’s best to schedule regular exterminations, even if can’t spot a single ant.
Handling Repairs & Maintenance
Can you adopt a streamlined and hassle-free approach to handling repairs and maintenance issues? You most certainly can!
Here are some tips that will help:
Its crucial to take preventive measures and maintain a checklist of all regular repairs and maintenance chores. Keeping track of your annual, seasonal and monthly maintenance chores will ensure a robust preventive defense to avoid major repairs and expenses. Your list should include the following:
- HVAC inspection & maintenance
- Water systems inspection
- Replacing HVAC filters
- Caulking shower and sink
- Cleaning gutters
Book Regular Inspections
Landlords neglect their regular inspections and perform this duty before tenants move in and after they move out. Regular inspections do not serve the interests of the tenants but rather, they preserve and protect your property. So, be sure to book regular inspections to identify repair needs and prevents issues from aggravating. Regular pruning, HVAC maintenance, roof inspections, water systems examinations and landscaping will maintain your property in top shape!
Have you considered taking out property insurance? It’s not a mandatory requirement for landlords, but it will offer substantial financial coverage in the event of unforeseen or unpleasant events. It’s crucial to compare costs and products across the market before venturing out to buy insurance. Seek out the best plans and rates that offer extensive coverage for landlords. The ideal insurance plan will cover lost rent, property damages and emergency maintenance needs.
Hiring a Property Manager
Managing multiple properties is overwhelmingly challenging, especially if you have dozens of tenants. Even if you treat it like a full-time job, it’s hard to address a sea of complaints and maintenance issues. You need professional support and reliable professionals for delegation. Hiring a property manager will allow you to enjoy a passive income without lifting a finger.
A property manager will cover for all your duties and responsibilities. The professional will address all the repair and maintenance needs, and look after the needs and demands of your tenants.
You can collaborate with a rental agency that offers property maintenance, tenant acquisition and rent collection services, amongst others.
Avoiding renovations, repairs and maintenance needs will only aggravate the problem and undermine the cosmetic and structural integrity of your property. In the long-run, neglected repair needs blow up into massive defects and major damages that reduce the market value and rental rates of a property.
On the other hand, a well-maintained and appealing rental property enjoys robust market value, and rental increments. Following these tips will help you put-together an actionable strategy to reduce your burden and maximize your gains.