We know a lot of landlords and rental property owners hesitate to make minor repairs. The cost of maintenance is rising, and it can seem like a huge drain on your cash flow and your ROI to pay for those repairs that you know are needed but just don’t seem so urgent.
Do not fall into this trap.
Deferring routine maintenance on your Charleston rental property does not save you money. In fact, it ends up costing you more.
Deferred Maintenance Will Lead to Expensive Repairs
If you don’t have the funds to respond to routine maintenance needs, you need to rethink your investment strategy. A reserve fund for maintenance is critical. Deferred maintenance is a major risk to your property and your ability to have a profitable investment experience.
Putting off the maintenance and repairs that are needed with negatively impact the condition and value of your property. Problems will only snowball and grow more expensive. For example, a roof leak that goes ignored for several weeks or months will likely lead to structural damage to your home. There’s likely to be mold growing, rot forming, and pests making homes inside the property. If it’s a problem that’s covered by your insurance policy, the coverage could be in danger if you don’t report problems right away.
Paying for routine maintenance saves you money. You might be calling vendors and paying for work more regularly, which can seem expensive, but by taking care of these issues as they arise, you won’t be paying the extreme price tags that come with sudden emergency repairs and replacements.
Deferred Maintenance Will Lead to Unhappy Tenants
Deferred maintenance and unresolved repairs will also cause frustration among your tenants. Most residents leave rental properties because their maintenance needs aren’t taken seriously. You have to be responsive.
Ignoring tenant complaints and repair requests from your tenants will always impact its condition. The next time you rent it out, tenants won’t be willing to pay a lot of rent when they can see that the appliances are deteriorating and the paint hasn’t been updated in years.
Tenant turnover can cost you much more than keeping a steady, long-term tenant happy. When tenants feel like you care about their maintenance requests, they’re more likely to pay rent on time and help you take care of the home. Investing in regular maintenance makes you a good landlord. Tenants renew their lease agreements when they work with good landlords.
It’s not just about happy tenants. Good rental property maintenance also keeps tenants safe and your property habitable. These are your most basic responsibilities as a rental property owner.
Respond to routine maintenance right away, and put a preventative plan in place so you know your most expensive systems such as the HVAC, plumbing, and electrical structures in your home are working well and not in danger of causing problems.
We can talk to you more about how our Charleston property management services make maintenance more cost-effective. Contact us at Meridian Residential Group.
Meridian Residential Group in North Charleston provides both single-family and multi-family property management in the Charleston, SC area, including in North Charleston, Summerville, Goose Creek, and Moncks Corner, among other cities.