Over 40 million families rent their homes across the country.
Renting out your property can be a great way to make money, but you have to take it seriously. Especially when it comes to property maintenance.
There are several myths out there that you may have heard as a landlord, and we're here to set the record straight. Keep reading this property maintenance guide to common myths to find out how to save money while fostering positive landlord-tenant relationships.
DIY Repairs Will Always Save You Money
While fixing some repairs yourself may be more cost-efficient at times, it's best not to try to fix everything yourself when it comes to property maintenance.
Sometimes a repair requires more skill or technique than you're able to give it, and this is when it's time to call the professionals. If you tackle a repair yourself and end up not fixing it (or making it worse!), not only are you spending additional money, but you're making the tenant unhappy as well.
If you're not sure if a repair requires a professional or not, it's a good idea to get a free quote or a technician's opinion on the next steps you should take.
Tenants Handle Maintenance and Repairs
As the landlord and owner of the property, it's your responsibility to take care of all major repairs and maintenance. This includes things like fixing (or hiring someone to fix) plumbing issues, broken appliances, or damaged property.
This is true even if the tenant causes the damage. For example, if a tenant creates a hole in the wall, you can have them pay for the damages, but you are still the one who needs to arrange the physical repair.
Many people choose to rent their home instead of buying it, so they don't have to worry about maintenance themselves. If you don't repair things timely, this can cause issues with tenants.
Security Deposits Are Used for Maintenance
26% of people said that they didn't get their security deposit back after they moved out of a unit. This is sometimes because a landlord keeps it when they're not supposed to.
Security deposits are given as a way of protecting a landlord in case they have to repair damages caused by the tenant after they move out. You can't keep a tenant's security deposit for normal wear and tear or for general maintenance you've been hoping to do (for example, repainting a room a different color).
This means that if a unit is left in very good condition with only normal wear and tear visible, that tenant should get their security deposit returned to them.
Maintenance Costs Can Be Determined with a Formula
Last on this list of property maintenance advice deals with estimating maintenance costs.
There are lots of formulas floating around out there that claim to tell you how much you should put aside for rental maintenance. However, in reality, there is no true way to estimate these costs.
Instead, the general rule is to plan to spend more than you'd like. Each rental situation will be different. Use whichever formula you like most, but plan for that cost to be more than anticipated either way.
Property Maintenance Myths Busted
Now that you've explored these property maintenance tips, you're ready to keep your rentals in excellent condition while keeping your tenants happy, too.
Looking for property management help in Charlotte, North Carolina? Reach out to us today to see how we can assist you.