As an investment property owner, you’re in business to make money from passive cash flow and real estate appreciation. But serious maintenance issues may crop up that can destroy your annual profits.
Keep an eye out for the investment property repairs below to ensure that you make money in the years to come.
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Faulty Smoke Detectors
Making sure the smoke detectors work and have full batteries isn’t just to prevent a fire to save lives. Saving human life is most important, but many property owners don’t think about how functioning smoke detectors can save you money.
How? When there’s a fire in a home, the smoke may travel slowly. So the one functioning smoke detector in the kitchen may not detect smoke from the upstairs until massive damage is done.
You will probably save yourself money if you have functioning smoke detectors on every floor, in every bedroom, and in hallways, too.
Remember to have your San Antonio property manager check the smoke detectors every month to ensure they have batteries and function.
Air Conditioner and Furnace
Heating and cooling systems are complicated and expensive to replace. However, if you don’t have them looked at and tuned up every year, you could shorten the life of this critical system.
If you replace your filters and regularly check for wear and tear, your HVAC system may last years longer. Also, the maintenance professional may notice minor issues when they do the annual inspection. So they can fix the problem before it becomes a significant expense.
Toilets can be a pain for property owners and managers. The most frequent problem is when renters put things down in the toilet, they shouldn’t. The worst offenders are paper towels, cleaning pads, baby wipes, and sanitary napkins. Any of these can clog pipes and septic tanks.
Remind your tenants never to flush anything inappropriate down the toilet. Many clogs can be taken care of with a drain cleaner or a plunger, but more severe clogs may need a plumber.
When your renter moves out, there may be dents or holes in the drywall. You can usually patch the drywall quickly, but bigger holes may require you to replace sheets of drywall.
Experienced property owners understand that things go wrong with investment properties eventually. But many expensive fixes can be avoided with regular maintenance. So keep an eye on the issues and systems mentioned here, and you can make more money in your real estate career.
Water can be a terrible problem for investment properties, especially when you don’t do regular inspections and have renters who don’t pay attention. Water can destroy drywall, flooring, wood, and more.
Your property manager should conduct monthly or quarterly inspections to check for any sign of water damage. Water damage usually shows on bathroom and kitchen floors, around toilets and sinks, and on walls and ceilings.
Looking for water leaks regularly can head off expensive repairs, and remember to tell your tenants to notify you right away if they notice water damage.
Bugs and Pests
Dealing with insects and other pests can be annoying and costly for property owners. The tenant may be at fault for a pest problem, but it’s difficult to prove it. So, you should have the property regularly inspected for pests and have it treated proactively to avoid problems.
Also, look for small holes in the foundation and outer walls where bugs can wriggle through. Further, check the weather sealing and thresholds in doorways and replace them if they lose their seal.
If you keep an eye out for these problems, you can make more money with your investment properties.