Today, we are talking about maintenance costs related to property rentals. When owners ask what to expect, we always recommend they plan on five to 10 percent of their annual rental income going towards maintenance. This usually covers scheduled maintenance as well as unscheduled maintenance.
Obviously, the newer your property, the less you have to worry about when it comes to maintenance expenses. Older properties are likely to need more frequent repairs.
It’s very important to take care of preventative maintenance items. You don’t want to put off any regularly scheduled maintenance. Take care of changing the air filters regularly, repaint the walls when it’s necessary and have all of your systems serviced annually. This is especially important with your major systems such as the HVAC and plumbing. That’s where your biggest costs are found, so if those things stay in good shape, you’ll save money. But if you let those things go, the problems just get larger and more expensive over time. You’ll also have a harder time renting the property, so everything snowballs. Make your scheduled repairs and replacements on time.
Property managers will have access to reliable maintenance personnel and highly qualified vendors they can trust. It’s a huge resource to have this pool of people that you can rely on to do good work at your property. They will give you an honest estimate and provide excellent work. This is a great example of why you should use a professional property manager. When you’re managing your own property, the contractors you use often come and go. Property managers develop relationships and that ends up benefitting you and your property.
If you have any questions about maintenance and how to prepare for their costs, please contact us at Advanced Solutions Property Management.