How to Save Money with my Rental Property?

System - Tuesday, December 27, 2016

Having a rental property can be a great source of income. However, when you own a rental property, you will also have to deal with some large maintenance and repair costs, which often come with less than perfect timing. Controlling your rental property’s maintenance costs can feel overwhelming at times so here are a few simple suggestions to help keep the most money in your pocket.

Maintain Piping System Function

Any damages in the pipe system of the home can cause major issues in other areas. Burst pipes can cause huge amounts of water or other fluids to be emptied into the home. Frozen pipes, leaking faucets, and clogged garbage disposals or drains can also all cause plumbing issues. The majority of repairs - and costs - associated with these issues can be avoided with regular maintenance and inspections.

Keep Filters Fresh

This is definitely one of the easiest maintenance tasks that the landlord can do themselves, at the minimum. Ensure that all filters in the home are clean and free of debris, such as the A/C filters, water filters, faucet filters, etc. Leaving household filters clogged can put an excessive amount of pressure on your appliances such as your furnace, your water pump, and your A/C unit.

Hold Frequent Inspections

Prevention of repairs is clearly the landlord’s best option, so regular inspections often help them to better maintain their property, and then their ROI. This is not something the landlord has to do themselves, either hired employees or property managers can do this for you. The Grandin Agency promises a quarterly drive-by your home, and also twice yearly interior walk through inspections.

Put the Right People In

Having tenants that are respectful and responsible changes everything. They call you back, they pay on time, they utilize the technology we as landlords provide them instead of making us do things the old fashioned way. Instead of becoming enemies or resentful, these tenants are appreciative and become your teammates in maintaining the home. Once you do have these great tenants placed, it’s also crucial to maintain the relationship with them.

Regular Roof System Checks

Roof system checks should be done at least yearly, if not twice yearly. The roof is the absolute last thing on the property you want to malfunction, especially with tenants occupying the property. A malfunction in this critical system leaves your tenants vulnerable to water damages and temporary forced relocation. Simply checking the roof for and repairing pinholes, removing debris, and checking for other damages/wear can extend the life of the roof.

Keeping your gutters clean helps prevent drainage issues (which can affect your foundation) and corrosion of the gutters and roof. This is a no-brainer fix that can save thousands.

While sometimes it can be challenging to control rental property maintenance costs, the need for them can be greatly reduced by following the advice we’ve outlined in this article. Keeping your costs low is crucial to steadying your cash flow, so we recommend you always keep your property in optimal condition.

Contact Us

Roanoke Office
11 S. Jefferson St.
Commercial Suite
Roanoke, VA 24011

P: (540) 404-1184

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