Greg Paielli's blog
March 13, 2019 by Greg Paielli
Limiting rental expenditures is one of the most efficient ways to boost both your cash flow & long term ROI. One of the most expensive areas for any investor or landlord is maintenance. Your upkeep expenditures can get out of control if you do not know how to handle it. In this post the best Palm Harbor property management company will guide you on how to prevent those expenses from hampering your ROI.
Preventative Upkeep vs. Delayed Upkeep:
Rental property upkeep should never be delayed. Being a property owner, you may not wish to spend $150 to have you are a/c or your furnace checked every year. Nevertheless, spending that $150 can save you thousands in costly repairs. When all your focus is on preventing major upkeep disasters, you can save both your time and money on costly repairs. Follow a preventative maintenance schedule, and do not keep yourself away from doing the work that should be done to keep your property habitable and functional. When a renter reports a minor leak, repair it before it turns out to be a large leak that also consequence in decayed wood and extra damage.
Work with reliable vendors:
Another thing that you should consider seriously is work with only insured, licensed, and qualified vendors. It may look enticing to save a few dollars on repairs by asking a family member or a friend to do the handyman job. That is a mistake that you want to avoid at any cost. Appoint someone who is a professional in the field so the job is accomplished correctly from the very first attempt. Put together a list of dependable vendors who will offer you a competitive price, do top-quality work, and be available when you require them. You do not wish to be calling around to plumbers in the middle of the night when your renters calls to report a burst pipe or a seeping water heater. You wish to have the correct vendor in place already, and only a phone call away.
Do Regular Inspections:
Many property owners avoid conducting regular inspections until a renter moves out. Instead, they must inspect their properties at least once throughout the course of a tenancy. This is an excellent way to check for much-needed upkeep & look for minor issues that the renters might have ignored or not reported. Get inside the property & have a glance under the sinks and behind appliances. Make sure everything is working the way it should & there is nothing that is about to break.
If you think all these above-mentioned things are not your cup of tea, then feel free to contact professional Palm Harbor property Management Company like Simply Property Management. We are available for your help 24×7.
This blog is originally posted here: https://tampamanagementservices.wordpress.com/2019/03/13/how-to-limit-maintenance-cost-for-your-palm-harbor-property/