As a Fort Worth landlord, you must always be prepared for maintenance issues.
Rental properties go through far more wear and tear than owner-occupied ones do. Landlords who don't take rental property maintenance seriously will end up blindsided with major repair bills. If you've got a delinquent tenant who doesn't care for your property the right way, it'll be even worse.
So how do you truly prepare and minimize rental risks?
In today's post, we'll explain how setting aside reserve funds for maintenance can benefit you in the short and long term. Keep reading and we'll help you stay ahead of maintenance costs with a few effective strategies.
Maintenance Mistakes Landlords Make
As a landlord, you don't always need to be proactive about maintenance. If you've done your due diligence with tenant selection, you should have a renter who looks after the unit and makes you aware of maintenance issues as soon as they arise.
One of the biggest landlord mistakes, however, is becoming complacent with maintenance. You need to inspect your property regularly to catch small issues so you can rectify them before they become costly ones.
In addition, always budget some time and resources for seasonal maintenance. Things like pipe insulation in the winter and gutter cleaning in the fall go a long way in preventing bigger problems.
Another mistake landlords make is not having relationships with local contractors. When you need fast repairs, it's important to know exactly who to call and that they'll have your back at a moment's notice.
How Much to Budget for Rental Property Maintenance
The biggest question most landlords have is how much money they should allot for maintenance. There are a few different ways you can go about it. Many experts say that you should budget around 1% of the home's purchase price per year for maintenance, but that won't necessarily help you cover unforeseen maintenance.
You can also break it down by the age of the home. If it's under 5 years old, you can budget around 2% of your monthly rental income on maintenance. For homes older than 10 years, you're going to have more issues, so you should allot between 5-8% of your rental income.
Not all landlords can afford to set aside a large chunk of their income each month. The more you're able to set aside, however, the more prepared you'll be when a maintenance emergency arises.
Landlord Responsibilities
As a landlord, you have to understand your responsibilities to your tenant. It's your legal responsibility to repair a problem if it affects the health and safety of your tenant.
At the same time, you can hold your tenant accountable for certain types of household maintenance. Make sure you clearly outline what you want from your tenant in your lease agreement, then enforce these rules as needed.
How Property Management Can Help with Maintenance
The more you put into your property investment, the more you'll get out of it. To truly take care of your investment and tenants, hire a property management company.
1st Choice Property Management is the number one option for Fort Worth landlords. Not only do we offer prompt maintenance services, but we can help you find tenants who will care for your property the way you need them to. Contact us to find out more about our services.
