Six Most Common Rental Property Repairs
Rental property repairs are common in both newly-built houses and renovated ones. Indeed, there is a little more to owning an investment property than merely collecting rent, paying the mortgage, and pocketing the profit. Beyond the mortgage payment, first-time landlords will benefit from understanding all the costs associated with owning a rental property.
Rental Property Repairs and the Landlord
Property maintenance is tough to account for because it is a highly variable expense. Maintenance costs tend to average out over time. But a wise investor will plan ahead of time to have a reserved budget to handle unforeseen demands.
Landlords that put a portion of their rental income toward monthly upkeep will keep their homes in good shape, and their renters pleased. Being a landlord, you are responsible for maintaining the structure and exterior of your home. It includes the walls, roof, foundations, drains, guttering, and external plumbing, as well as the windows and exterior doors, basins, sinks, baths, toilets, and the plumbing that connects them.
Seasonal and routine maintenance, emergency maintenance, and regular maintenance for rental properties are all part of owning a house and protecting your investment.
If you have bought a rental property for investment purposes, you need to know about the six most common rental property repairs,
1. A Water Leak in the Ceiling or Between the Windows
Water can harm wood, drywall, flooring, and almost every other surface on your house. In addition, mold can grow even in small amounts of moisture, which can be costly to remove if it gets out of hand.
Make this your top priority if your tenant reports a water problem. Engage the services of a certified contractor to investigate and resolve the issue as soon as possible. When it comes to a water leak, do not go with the cheapest option; go with the best. It is also good to know if your home has water supply lines in the ceiling, so you can call a plumber instead of a roofing contractor if there is a leak.
Replace the old weather stripping around doors and windows to help prevent unforeseen troubles. In addition, look for water damage indicators in your rental property, which can lead to undiscovered leaks. Also, consider installing water sensors to help detect leaks early on, reducing the risk of severe damage.
2. A Water Leak under the Sink
The supply line (the pipe that provides both hot and cold water to the sink) or the drain can both create a water leak under a kitchen or bathroom sink.
90% of water leaks are caused by the drain pipe not fitting together correctly. You can either learn how to fix it yourself (see several YouTube videos to learn how) or call a plumber for its repair.
3. Work on the Electrical System
It would be best if you take electrical safety seriously as a landlord. Home electrical fires cause over 50,000 fires each year and 400 deaths. Consider installing ground fault current interrupter (GFCI) outlets and tamper-resistant (TR) receptacles to help protect the home from fires. You may also wish to engage an electrician to install arc-fault circuit interrupters (AFCIs) to lessen the risk of a fire caused by house wiring problems such as sparking and arcing.
Remind tenants to switch off appliances before unplugging them, avoid plugging in more than one high-voltage device at a time, and use light bulbs with the correct wattage. Request that they report any sparking appliances, flickering lights, warm wall outlets, or blown fuses, indicating a more serious electrical problem.
4. Pest Control
Termites, ants, roaches, rats, mice, and other insects and rodents can wreak havoc on your rental property. Therefore, it is necessary to maintain regular pest control treatments to prevent infestations. It is also good to remind tenants that leaving food and sugary beverages out and failing to take out the trash regularly might attract insects and rats.
It is essential to address pests or evidence of pests (such as droppings or damage) timely if either you or your tenant notices them. The longer an infestation goes unchecked, the worse it gets.
5. Drywall Damage
One of the most critical rental property repairs is the drywall damage. When renters leave a rental property, it is typical to discover drywall damage. Heavy wall-hangings or accidents usually cause it. You can fix drywall rather quickly and easily. Larger holes, on the other hand, may necessitate drywall repair. That takes a little longer.
Landlords with a lot of experience know that while planning is essential, there is no way to predict every situation that could arise. Indeed when you think you have analyzed everything, you are hit with a new, potentially costly problem. That is why you must purchase dependable landlord insurance.
6. Internal Pipes
Last but not the least of the rental property repairs is the issue of internal pipes. A worn-out washer can cause pipes to freeze, bulge, and burst, break, clog, or become detached. And it is completely up to you to make sure that any of these problems are resolved by hiring a certified plumber.
Always encourage tenants to notify you if they notice dripping or moist spots beneath pipes (such as under a sink), which could signal a joint disconnection. If tiny leaks are overlooked for too long, they can cause substantial harm.
In addition, urge your tenants to help prevent pipes from freezing during the winter months. When external temperatures drop below 32°F, for instance, they must keep the internal heating set to a minimum of 55°F and sometimes let water drip from taps.
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These are the six most common rental property repairs. It would help if you got them done before handing the property over to the tenant. If all possible risks are dealt with in time, you and the tenant will be in peace and get along well. For more insight into the world of real estate, visit the Sigma Properties & Marketing office today.