A GUIDE TO MAINTAINING YOUR RENTAL PROPERTY - AND WHAT COULD HAPPEN IF YOU DON'T
A landlord's most costly and time-consuming responsibility is maintaining the rental property. As the landlord, you are responsible for ensuring that the property is habitable (free of pests and that it has adequate heating, water, electricity, and that it is structurally sound). It's typically the landlord's responsibility to repair something that breaks due to no fault of the tenant.
Various types of repairs
It's important to know your landlord's responsibilities, as they can differ by state. In general, however, there are certain things you should be able to address, such as:
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Mold that can be seen
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Controlling pests
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Heat and electricity
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A functional appliance
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Integrity of structure
It is the their responsibility to notify you of any issues immediately. As soon as they appear, you'll need to address them to ensure the home is habitable and safe.
Fixing the problem at the right time
Things go wrong at the worst possible time. A problem may arise at a property while you are away on business or vacation.
Keeping a few licensed professionals on your phone is a good idea in case of an emergency. Heating and plumbing issues, for instance, generally require immediate assistance (within 24 hours).
Renters' Property Repair Costs
In order to ensure a rental property remains in good condition, it's wise to set aside money each year for maintenance. You should save up to 30 to 40 percent of your rent income each year for maintenance and repairs. For example, if you earn $30,000 in rent each year, you should save $12,000 each year.
What Happens if It Isn't Maintained
A tenant may choose to pay a lower rent or hold rent until the problem is fixed if repairs are not made. For example, depending on your state's laws, your tenant might decide not to pay rent for a while. If the problem persists and causes the property to be uninhabitable, the tenant may terminate the lease early. If the tenant hires someone on their own, the price will be deducted from the next month's rent. If you don't get the tenant's rent check, you would have to pay for the maintenance problem and your entire mortgage.
Checklist for Preventative Maintenance
A proactive approach to property maintenance can prevent problems down the road. Here are a few things to keep in mind:
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Pest control services should be hired to treat the property regularly (inside and outside).
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Keep the lawn well-maintained by hiring a lawn care service, and trim or remove trees near power lines or other structures.
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Gutter cleaning.
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You should check for leaks after severe weather (like a hurricane or extended snowmelt).
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Test smoke and CO2 detectors, replace batteries when necessary, and make sure they are active.
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Replace the air filters.
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If mold is suspected, test and treat it properly.
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Conduct an annual walkthrough and take note of any problems, including what needs to be fixed or replaced.
Provide tenants with as much notice as possible before entering their property (as required by your state's laws).
Take the hassle out of home maintenance
Selling your rental property to a home buying company, such as Naples Real Estate, can relieve you of the burden of maintaining your investment. Cash for houses "as is" is our specialty in Florida. This means we buy Naples homes for sale in any condition. If you accept our offer, you do not have to repair the home. Additionally, our virtual process is simple and quick.
