Investing in a rental property can be a sound investment, but purchasing the property and finding tenants is only the beginning. Properties require upkeep, inside and out, to keep a smooth-running successful business model. By planning and taking preventative steps, property owners can keep costs to a reasonable level. Consider the following crucial areas with the potential for high-cost repairs.
Roof
Imagine an unattended roof leak, water running inside, ceilings, walls or floors needing repair. All time consuming and costly – especially if your tenants must move out while you do the repair work. Fortunately, commons sense prevention can help you avoid this scenario.
- Inspect roofs regularly
- Check attics for damp areas
- Replace damaged or missing shingles
- Keep gutters, and downspouts cleaned
- Consider investing in gutter screens
Foundations, crawlspaces, and basements
Roofs aren’t the only area that needs regular attention. Inspect your property from top to bottom.
- Check for water leaks, cracks in your walls or floors, and sloping/warping in ceilings or foundations
- Inspect electrical wiring; replace damaged wires, receptacles
- Seal leaky dryer vents with foil tape
- Insulate pipes
- Consider waterproofing concrete walls in crawlspaces and basements
- Ensure sump pumps are working
Pest damage
It’s far easier to prevent pest damage or even their appearance than to deal with the aftermath of an invasion.
- Educating your tenants is one of the best ways to prevent pests. Cleanliness, keeping food in sealed containers, trash throw away regularly, and trash bins kept closed all contribute to pest prevention.
- Inspect property regularly, check for standing water, and clean up common and outdoor areas.
- Treat for pests before they arrive or at least early in the game. According to bepestfree.com, the eight most common pests to Arizona are termites, ants, cockroaches, tarantulas and other spiders, scorpions, ticks, bees/wasps, and bed bugs. Be sure to hire a professional or check with local and state guidelines are acceptable sprays and chemicals
HVAC systems
Replacing heating/cooling systems is expensive. Get the most out of your investment with proper care.
- Hire an HVAC service persons to inspect your furnace in the fall and your AC in the spring. Take care of issues immediately.
- Change air filters every 30 days
- Check your condenser. Clear away leaves, weeds, or other growth
- Upgrade insulation when needed
- Clean ductwork and reseal as needed
Water heater
If a water heater quits working, it’s an inconvenience and expense, but if it leaks, there can be extensive damage. The cost of repairs is much higher than the purchase of a new unit.
- Keep space around the water heater clear
- Inspect it annually – examine the temperature-pressure relief valve and anode rod. Check for sediment buildup.
Focusing on prevention and investing in maintenance will save you time and money. If it feels overwhelming and stressful, consider contracting with a Rentals America, a top property management company with offices in Phoenix and Tucson. We treat your rental property as our own. We offer a wide range of property management services tailored to fit your needs. Contact us today.
