Reducing Rental Property Maintenance Costs
One of the most common questions we get from income property owners is about maintenance and how to reduce costs. It’s impossible to avoid having to make repairs completely, but here are some ways to reduce the frequency and expense when they happen.
Make Smart Material Choices
While it’s enticing to use inexpensive materials when making improvements, it’s not usually a cost-effective choice over time. What you save up front can cost more in the long run because it needs to be maintained more often or must be completely replaced within a few years. As such, it is important to think about durability and the cost of labor to keep things in good condition when making choices for a rental unit. In our experience, the up-front investment in solid materials almost always pays off in dividends over time. We always recommend finished like laminate or tile instead of carpet for flooring. Granite or quartz countertops in kitchens and bathrooms instead of laminates (e.g. Formica), etc. Not only to these decrease maintenance calls, units also tend to rent faster and for more money with quality finishes.
Other ways to optimize your material choices is to consider how they are installed. For example, tile in bathrooms looks nice, but the grout can get dirty. Choosing larger tiles or solid surround materials not only helps avoid that issue but it reduces the number of areas where water might leak.
Stay on Top of Preventative Maintenance
Preventative maintenance can help you avoid costly repairs so we always recommend in-person inspections both inside and out at least once a year. What you’ll see as a landlord may not seem like a big deal to a tenant, so it’s good to take a look at things on a regular basis. For example, re-caulking the shower now can save you thousands in long term water damage if you can catch it before it becomes a problem.
Also, don’t defer maintenance on bigger ticket items like roofing, water heaters, appliances, HVAC systems, etc. It can be tempting to try to chance it and ignore an issue, or make a short-term fix, but that almost always costs more in the end. Whenever possible, it’s worth fixing or replacing these items before they become an expensive headache.
Manage Expectations With Your Tenants
Before placing a tenant, spend the time to thoroughly screen your prospects. Applicants with good landlord references are more likely to take care of your property. Then, once they sign a lease, it’s important to set clear expectations. Do a walk through and communicate what’s OK, and what’s not in terms of maintenance. For example, if you’ve got a tricky garden gate that can be hard to open during wet weather, show them how to use it so it doesn’t get damaged. The better and more professional your communication is from the beginning, it easier and potentially less expensive it will be for you as the property owner.
If you have any questions about maintenance and how to keep your costs low, please contact us at MSB Property Management.