Investment Property Maintenance 101
Updated: Oct 23, 2022
With all large ongoing projects, the key is to have and maintain a budget. Since there is not only physical upkeep on a property but also maintaining property taxes and utilities, keeping organized finances will prove its usefulness. Let’s explore from the weekly to the yearly maintenance to ensure there are few items left to chance when it comes to your investment property.
Weekly Property Maintenance
When looking into weekly maintenance, you are likely sticking to the perimeter of the home, especially if you have tenants. Landscaping is a huge point of focus whether you have an HOA to appease or just taking pride in your property. Keeping this appearance up will include tenants when present and scheduled servicing when unoccupied. Another few outdoor facets to consider are trash pick-up and gutter cleaning- which also range depending on occupancy. While you depend on your tenants to upkeep the cleanliness inside the property, it is important to have a cleaning service arranged at your discretion.
Monthly Property Maintenance
Monthly maintenance looks similar to weekly, however, you may be dealing a little more with numbers. In looking at monthly maintenance, a no-brainer is utilities. With tenants, it may be better to have them pay for utilities separately instead of wrapping it into their rental payment since you never know how usage will change from month to month. It may also benefit you to discuss with your utility companies about policy for the time when you have no tenants- making sure services are taken care of for smooth transitions. This is also a time where you might see investor’s insurance show up in the bill pile- one to take a deep dive into to make sure you are covered. A more quarterly maintenance service to consider would be pest control. While it is something you can do yourself, a scheduled service may be just the thing to take something off your plate.
Yearly Property Maintenance
When it comes to yearly maintenance, you are now looking at the house as a whole versus specific areas. You might notice that this time of year has you shelling out some big bucks. From the yearly property tax to an annual detailed inspection, there is no stone left unturned. You may also take this time to do an in-person check on all appliances and see what repairs are needed both what you want personally and what the inspection brings to light.
As Needed Property Maintenance
Depending on the type of investment property you have, the maintenance needed may differ. For example, if you are a vacation destination and have a pool- you will need to schedule a regular cleaning. If you allow pets, you will need to discuss with your tenant about waste clean-up.
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With no clean-cut way to be in the investing game, it is important to not only learn as you go but to seek the advice of those who have been successful before you. With nearly 20 years of experience, Doug is excited to help new & experienced Investment Property Owners through every step of the process. Not only to help get you started but to learn how to stay successful and build upon it.
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Investment Property Maintenance 101 Sources:
Investment Property Maintenance 101: Budgeting for the Upkeep of Your Properties
Property Maintenance Checklist: 12 Items Every Landlord Needs To Know
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