Cut Your Maintenance and Repair Costs by real estate expert Craig Summers
When a property investor starts searching for properties in , an important factor to keep in mind is the maintenance and repair costs. Their goal should be to keep these as low as possible. In our discussion today, we will look at five elements that the property investor in needs to either look for in new properties or take care of with his or her own properties in .
Element #1 Find low-maintenance properties
One of the things that an investor should look for is properties in that are built with low maintenance materials and this will also include all of the fixtures. You also want to look at the outside of the property to make sure that the outside is fairly low maintenance. This is referring to the things like the landscaping and shrubbery.
Element #2 Find low-maintenance residents
This may seem strange, but there are tenants that will be costly to have living in your property in as well as tenants that will go out of their way not to cost you anything. So again, you want to screen your tenants carefully.
Element #3 Apply repair charges
There are a couple of ways that may help you to maintain your low-maintenance residents in . You can shift a small portion of any repair charges to the tenant. Basically they will pay the first $50 or $100 of any repairs. You must make sure that this is part of the lease and that it is something that the tenant is aware of. You can have a higher security deposit. Usually higher security deposits will attract a lower maintenance type of resident.
Element #4 Have a handyman available
Hire a handyman that you can trust and that will be available to handle to take care of your maintenance and repairs. This is someone that is dependable and will do a good job of taking care of your properties in .
Element #5 Think Prevent
You want to always be in a preventive maintenance mode. Have your handyman always looking for ways to cut expenses as well as always looking for possible maintenance issues before they arise. This alone may save you hundreds of dollars over the long run.
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