Regular property maintenance is essential to preserving the condition of your investment and retaining great tenants. Today, we’re sharing Lakeshore Corporation’s top 5 property maintenance recommendations.
Know Your Lease Agreement and the Law
We have taken over a lot of properties where landlords have unknowingly been paying for expenses that are actually the tenant’s responsibility. Landlords also need to be aware of the remedies available to tenants if they don’t begin the repairs within the timeframes that are required by law.
Budget for Maintenance
Create a realistic maintenance budget. Based on our experience, we recommend that landlords budget at least $1,200 a year for repairs on each residential unit.
Routine and Preventative Maintenance
Conduct routine maintenance on your property. Examples of routine maintenance may include clearing the roof, cleaning the windows, and cleaning out the gutters. When gutters are backed up, water can find its way into the home and cause damage.
Conduct Annual Interior and Exterior Inspections
We have taken over properties where landlords did not inspect the home regularly. Perhaps it was because the tenant paid rent on time and didn’t complain, or the property was simply out of sight and out of mind. Regular inspections prevent larger repairs and expenses like a flooded roof that leaks into an apartment.
Annual inspections save you money on costly and avoidable repairs. For example, leaking drain pipes and supply lines often go unnoticed by tenants. This can cause a lot of damage and has the potential to create mold. It’s important to stay in front of these things and check them regularly. Regular maintenance inspections save you and your tenants a lot of headaches.
Treat Tenants Well
Finally and most importantly – take care of your tenants. They’re your customers. If something breaks from normal wear and tear, fix it. Don’t wait two or three weeks trying to find the best deal out there. If you have happy tenants, they’ll stay longer. That means more money in your pocket at the end of the year.