Every landlord wants to reduce their rental property maintenance costs. But for most, this remains a dream, with their rentals costing them far more money to repair and maintain than they planned. However, it is possible with some careful planning (and yes, by spending money), to reduce your rental property maintenance costs over the lifetime of your property.
As Auckland and North Shore property managers, we work with a lot of landlords trying to keep their costs down. One of the best ways, and is one that we recommend, is to hire a property manager to manage the day to day running of your investment property. Our wide range of knowledge and vast experience allows us to not only give you the best advice, but to also find the best tradespeople when required. We are happy to advise our landlords on recommendations to improve their rental’s value, plus help them keep a regular maintenance schedule to reduce the likelihood of unexpected repairs and bills!
We can also help you identify specific ways you reduce your maintenance costs and today we’re sharing some of them with you.
5 Ways to Lower Your Rental Property Maintenance Expenses
Being proactive and planning ahead is key to lowering maintenance costs for your rental, and there are five ways you can do this:
1.Clean your drains and gutters regularly – drains are easily blocked, both inside and out. Likewise with your guttering, with leaves and dirt being one of the main causes of blockages. Preventative maintenance saves you money in the long run.
2.Identify appliance lifespans – nothing lasts forever, and if your rental provides appliances for your tenants, they’ll need replacing. Often it can be worthwhile replacing older appliances rather than continually repairing them. Find out what the expected lifespan of the appliance is and start budgeting to replace it from then.
3.Undertake regular inspections – unless you have regular inspections completed, you rarely become aware of those little problems. An inspection will help you identify the small things needing your attention now, so you can avoid them becoming any larger.
4.Choose your tenants wisely – great tenants look after your property, and bad ones don’t. It’s vital that you perform thorough vetting of your prospective tenants and this is something we can help you with.
5.Choose your property wisely – before you even purchase a rental, remember it may not be the bargain you think it is. An older property which has not been looked after will cost you more in the long run than a newer property. Be sure to have a builder’s inspection before you purchase it.
For more advice on rental property maintenance, or assistance with managing your Auckland rental, see us first! As experienced property managers, we’re here to make life easy for you – give us a call today!
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