While not common, a bad tenant can leave a property owner thousands of dollars in repairs and maintenance costs.
Whether you are a new investment property owner or have been around the block a few times, getting hit with huge maintenance costs is always a lurking fear.
Here is a brief guide on how to care for your investment property and protect your investment in real estate.
Regularly Visit Your Property
The best way to maintain your investment property? You have to regularly go visit it. Being able to check up on the house will allow you to inspect both the exterior and the interior of the house.
You can't stop by unannounced, however. You have to make sure you communicate to your tenant if you want to go inside and inspect.
But what if you live out of state? This is where an experienced property manager comes into play. A local property manager can be your proxy and inspect the rental property to ensure everything is in working condition.
In addition to that, they can even take care of other maintenance issues on your behalf, so you don't have to worry about a thing.
Fix Things Before They Become a Problem
Have you noticed the noise coming from the pipes whenever you flush the toilet? Or if you're in Chicago, what about the slight sag in the roof after heavy snow from a harsh winter?
A good way to maintain your investment property is to fix things before they become a problem. Every dollar you spend on preventative maintenance can save you ten times the cost of reactive maintenance. That is, it's usually cheaper to fix now than after something breaks and causes a million other problems.
For example, it's cheaper to fix just a roof than it is to fix a collapsed roof and all the interior damage a collapsed roof causes.
Have a Good Relationship with Your Tenants
With that said, another good form of preventative maintenance is to have a good relationship with your neighbor. This doesn't mean you have to be friends with them.
All this means is that if your tenant likes you, they will be more likely to respect the house they are living in. They will tend to be gentler on appliances, floors; you name it.
Plus, they are more likely to alert you if there is a problem with the house. Or, they could even fix it themselves, saving you additional costs.
Maintaining your rental property helps you keep the best real estate possible, which helps to also get the best tenants.
Want to Know More Life Hacks for Maintaining an Investment Property?
Maintaining your investment property is one of the most important ways to maintain its value. But unless you stay vigilant, your home's maintenance can slip away until it's past repair.
A property manager can be your secret to success for easily maintaining your investment property, especially if you live in the Chicago area. Reach out to the team here at Indianapolis Property Management to hear about how we can help you with your investment property portfolio.