For residential rental properties in Orlando and the surrounding communities, keeping property maintenance costs down is a top concern. It’s essential to keep in mind, though, that some attempts to cut the property maintenance budget may backfire and end up costing you more in the long run. Consider carefully the cost-cutting measures you’re thinking about may turn out to be a false economy.
DIY: Just Because You Can Doesn’t Mean You Should
Do It Yourself maintenance and repairs can be a slippery slope. If you’re skilled enough to get the job done as fast and as well as a professional contractor, you’re likely to save money by doing it yourself. If you’re skilled but not so fast, you may want to ask yourself whether it’s really worth your time and potential annoyance to your tenants. If the property is vacant, you don’t have to consider the impression you’re making on your tenants, but you may be delaying getting a new tenant in if you can’t get the job as done as fast as a hired contractor.
That Probably Goes For Tenants, Too
Allowing tenants to do their own maintenance and repairs may make sense in certain areas, like replacing smoke detector batteries and light bulbs, or handling the yard work. That’s assuming that you do periodic inspections to ensure that they are, in fact, handling those matters. When it comes to bigger repairs, though, it’s probably a better bet for you to hire professionals who have insurance and demonstrated skills. If your tenant does sub-par work on your property, you may be liable later on, if that work fails and causes a problem.
Should You Repair Or Replace?
When it comes to more expensive-to-replace items like kitchen appliances; mechanicals such as air conditioners, heaters, or water heaters; or flooring, it can be hard to determine whether you’ll benefit most from repairing or replacing at any given point. One point to consider when you’re deciding is whether replacing will help you keep a tenant or earn higher rent from future tenants.
Consider the expected useful life of the item. If it’s near the end of that period, or past it, you’ll probably benefit from replacing it. If it’s well under the expected life, you may find repairs are more cost-effective.
Professionally Managed Property Maintenance
Belmont Management Group provides Orlando area property owners with cost-effective property maintenance and repairs, as part of their residential rental management service. We’ll help keep your property in excellent shape while helping you to realize the best possible profits from your income property. Call or contact us online for a free consultation, and we’ll show you what we can do for you!
Note: Please keep in mind that this is an overview of the important points, but by no means does it constitute or cover all of the requirements of managing a comprehensive property maintenance budget.