No Maintenance. No Problem.
Property Renovation
Thursday, March 26, 2015
Vince Rogers - Wealth Advisor, Rent To Reward

Preventative maintenance for rental properties will maximize your return on investment. Resident retention requires on-going maintenance but doing it right the first time can greatly reduce your monthly out-of-pocket expenses typically required to maintain.

For example, one rule to always live by is to have a third-party inspector review the property upon purchase. All houses should go through an electrical and plumbing code inspection making sure everything is up to code. Make sure all work is done by licensed electricians, plumbers and HVAC specialists. Once everything is brought up to code, have the third-party inspector come back.

While this is a general rule to always follow, it is just as important to establish a process for the small details from the beginning. Here are a few specific tips that can help:   

Flooring - Always use flooring thats very durable and replace when necessary. Ceramic tile in the bathroom and kitchen is a nice affordable option. Refinish hardwood floors when present and get rid of the carpet! Use vinyl planking instead in as many areas as possible. There are plenty of beautiful styles to choose from.

Electrical - If there are any fuse boxes, update them to breakers. Change out all switches, light plates, plugs and plug plates- installing GFI around bathroom and kitchen plugs.

Plumbing - All kitchen and bathroom faucets use standardized delta parts when replaced again lowering maintenance costs.

Exterior - If not brick, the exterior of the house can be sided with vinyl and metal wrapping to reduce exterior maintenance factors that can increase your costs.

Misc - Use all of the same washable paint colors. It will significantly lower make-ready costs if a resident moves out and a new one moves in.

All of these factors lead to lower maintenance costs for you for years to come.

This is a very specific list of tips. This process listed above is typically very affordable. If however, this requires spending a little more up front, it will certainly pay off so that you can collect your monthly rental income and reduce monthly out-of-pocket expense greatly.

 

 


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