It is now estimated that there are around 48.2 million rental units in the US. Yet, this is still not enough to supply the huge demand, and renting out a property can be a lucrative side income. But, do you know how to get it right?
If not, then we can help. Read on as we discuss the major property maintenance mistakes and how to avoid them.
Missing Rental Property Inspections
You must inspect the property throughout the whole process. Start when you first decide on a property to invest in. Not all buildings comply with the regulations on fire and safety, so make sure you are legally cleared to rent it out.
Follow this by making sure you do inspections when tenants move in and out. Without them, you don't have any idea how to track problems and damages. This can get confusing and lead to conflict between you and tenants.
Doing DIY
If you are a skilled electrician, builder, or joiner, then DIY tasks that come under your expertise are fine. However, for many people, the allure of YouTube videos and how-to guides to save money is too much.
Unfortunately, this means you just have lots of jobs that end up half-complete. They won't be fixed for as long, and you will soon have an array of problems. Make sure you invest in quality tradesmen to do the jobs you don't know how to do.
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Taking on Too Much
When you have a full-time job, managing a rental property is hard work. Not only do you have to do regular property maintenance, but you must collect rent, continue talking to tenants, and find new ones during vacant periods. Leisure and family time soon begin to vanish.
With more properties, this gets even tougher. In fact, it is better when you reach a point where you can do it full-time. However, for those who don't have the option, the only real solution is to hire staff or get a property management company to assist.
Not Maintaining a Budget
It is important to keep a monthly property maintenance budget. Look back at previous years and see how much you have put into maintenance. Create a plan that includes dates of scheduled maintenance and any insurance or licenses that need renewal.
Having a contingency is also a good idea. Even new properties can have major problems that arrive out of the blue. If you don't have this, make sure you have in-depth and comprehensive insurance.
Getting New Contractors
When you get new contractors every time there is an issue, you don't build up the trusting relationships you need to manage a property. You want to have people on hand who will give you great service and the best price. Make sure you find great workers and use them over again.
Avoiding Property Maintenance Mistakes
Now you know these property maintenance mistakes, you can avoid them with the right planning. Don't skimp on inspections and make sure any work done is of high quality. This should result in the best returns, occupancy rate, and profit.
Carolina Property Management should be your first stop. Not only do we provide help and advice, but we can provide first-class management services. If you want to experience true passive income from your property, click here to contact our expert staff.
Here are the top property management errors you must avoid at all costs. https://carolinaspropertymanagement.com/blog/top-property-management-mistakes-that-you-must-avoid-at-all-costs
