It takes more than just owning a property to be a successful and profitable landlord. No matter how well you are doing in the business world, you’re always going to have some financial realities you must conform to. One of them involves keeping up the maintenance, which a property management company can help with.
Budgeting for a home maintenance will let you take care of repairs when they happen and even get into preventative mode to keep disasters from happening.
Here are some simple tips to help limit your maintenance costs:
Sometimes A Quick Fix Is All That Is Needed
Not everyone is a DIY handyman, but you’d be well served addressing at least some of the simpler maintenance issues yourself. You’ll save a ton of money over having professionals do the work and will feel great about your efforts as well. You can also do routine maintenance that can extend the life of your home’s major components and prevent expensive and time-consuming repairs in the future.
Touch It Up!
Normal wear and tear is a fact of life with rental properties. It can naturally occur in an investment property due to aging. Take a closer look around your property and prepare a list of things that need a touch-up, repair, or replacement. Be sure that you are getting the best value and only necessary repairs are being performed.
A security deposit essentially insures a landlord or property owner against the risk of damage by a wayward tenant. California law states that a landlord can deduct from the tenant’s security deposit for damage or excessive filth, but not for ordinary wear and tear. Make sure to itemized list in writing detailing the costs of your expenses which will prove that damage occurred and that repair costs were congruent with the amount withheld from the security deposit.
Whether you are new to the rental property business, or you have multiple properties, it is important to understand the advantages of hiring a reputable property management company. Property managers can handle just about everything having to deal with your rental unit.
If you’re in need of a full-service property management company in Bakersfield CA, give Synergy Property Management a call.