If you’re looking to invest in real estate, then buying a rental can help you turn that property into an income and help you pay off the rent.
However, every rental property comes with its share of costs to deal with and failing to stay on top of them can lead to the costs outweighing the rent you get in return. Wear and tear is one such cost, so here are a few ways you can stay on top of it.
Know when to chase for costs
Wear and tear should be expected in all rental properties, and there are some instances in which you simply can’t prevent it. However, that doesn’t mean you should simply accept it in all cases, especially if there is an indication that the tenant failed to maintain or actively caused damage to the fixture or appliance in the first place. Get to know what constitutes fair wear and tear damage, as well as what falls outside of that definition so you can know when you can better chase the tenant or take money from their deposit for repairs without getting challenged.
Invest in durable materials
You might think it’s risky to invest in high-quality materials that other people are going to be partially responsible for. However, when it comes to things like surfaces and flooring, resilience isn’t always high-cost. In the case of vinyl flooring, for instance, it typically tends to cost less than wooden flooring but is resistant to scratches, stains, and other kinds of marks. Effectively, make it less likely that your tenants are going to cause damage and invest in longer-lasting materials.
Be a good (but present) landlord
If you want your tenants to treat your property with respect, then it always goes a long way to treat them with respect as well. This means being open to approach for repairs and maintenance without delay or showing any reluctance, as well as respecting their rights and even being understanding. If you show a little flex on the occasional late rent payment, you can build the kind of relationship where they understand that your quarterly property inspection is reasonable. You want to good to them, but you should also keep up with your rights as a landlord.
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Be proactive with the plumbing
Rather than keeping it out of sight, out of mind, and thus out of budget, you should be proactive when it comes to evaluating the state of the plumbing on annual basis, if not more regularly. Simply put, any potential leaks or other plumbing damage are going to cause other materials, like floors and walls, to degrade a lot more quickly. Stay in touch with your local plumber and have them visit the house with the tenant’s consent on a regular basis to make sure that everything is in good condition.
Wear and tear is an expected part of renting out any property, but it’s not one you should allow to grow unchecked. Follow the tips above and see if you can control those costs.