These days, more people are renting houses and apartments than ever before. According to U.S. Census Bureau, the average American will move 11.7 times during their lifetime. While this gives landlords a great opportunity to make some extra money, you also have to be smart about managing and maintaining your rental properties.
Landlords are responsible for keeping the rental property in a livable condition. This means regularly inspecting and maintaining the property, including the plumbing, electrical, and heating systems. Failure to do so can result in expensive repairs or even lawsuits.
It also helps to create a safer environment for tenants and reduce the risk of damages and injuries. Regular maintenance can also prolong the life of the rental property, helping to keep it in good condition for future tenants. Landlords who regularly maintain their rental properties are more likely to have happy, long-term tenants.
However, maintaining rental properties come with a price. The cost of repairs and renovations can quickly add up, eating into the profits that landlords earn from their rental properties.
To help offset the cost of maintaining rental properties, landlords can take a few simple steps to boost their savings. Here are a few tips:
Invest in Regular Inspections and Maintenance
One of the best ways landlords can save money on maintenance is to invest in regular inspections. Failure to detect maintenance problems can result in more expensive repairs down the line. To avoid this, landlords should have their rental properties inspected at least once a year.
Regular inspections will help to identify any potential problems early on before they have a chance to become more extensive and more expensive. By hiring a professional inspector to check the property regularly, landlords can catch minor problems before they become big (and expensive) ones. Let your tenants know that you expect them to report any maintenance problems as soon as they occur.
Aside from regular inspections, make sure to invest in routine maintenance. This includes tasks like changing air filters, checking the smoke detectors, and painting the walls. You can prevent bigger problems from developing by taking care of these tasks regularly.
Only Allow the Pros To Maintain Your Property
While it might be tempting to try and save money by doing the maintenance yourself, it’s usually best to leave it to the professionals. Not only will this save you time, but it will also ensure that the job is done correctly. Only relying on the DIY approach can result in more expensive repairs down the line.
Hiring the pros to handle maintenance tasks will save you money in the long run. The right professionals will have enough experience, tools, and equipment to get the job done quickly and efficiently. They will also be familiar with the most up-to-date methods for dealing with common maintenance problems.
For example, expert plumbing companies like Desert Edge Plumbing can handle problems concerning your rental property’s plumbing, sewer line, and water heaters. They have a reliable team of plumbers who can take care of these issues when needed for an affordable price. The trick is finding local vendors who can provide the exact services you need and do maintenance tasks on the same day without extra charge.
Replace Old Appliances and Fixtures With Energy-efficient Models
Another way you can save money on maintenance is to replace old appliances and fixtures with energy-efficient models. This will not only help you save money on your utility bills, but it will also reduce the amount of wear and tear on your rental property.
Energy-efficient appliances and fixtures are designed to last longer and use less energy. This means that you won’t have to replace them as often. This helps you save significant money over time, which translates to even more significant savings.
Don’t forget about installing energy-efficient light bulbs. These bulbs use less electricity and last longer than traditional incandescent bulbs. By switching to energy-efficient light bulbs, you can lower your electric bill and reduce the maintenance needed on your rental property.
Take Advantage of Tax Breaks and Deductions Available to Landlords
Did you know that many tax breaks and deductions are available to landlords? These can help you save significant money on your yearly taxes.
Some of the most common tax breaks and deductions for landlords include the cost for:
- repairs and renovations made to the rental property
- advertising the property
- mortgage interest
- property tax
- operating expenses
- depreciation
Leveraging these tax breaks and deductions can help you save a lot of money on your taxes, which leaves you with more money to reinvest in your rental property. You can then use your savings to keep up with your rental property’s maintenance and repair.
By following these tips, you can save a significant amount of money on the maintenance of your rental property. From regular inspections to taking advantage of available tax breaks, there are several ways you can keep your costs down. Doing so can keep your rental property in top shape while maintaining your bottom line.
