Keeping repair costs down is a huge goal when you own a Lafayette rental property. But, materials aren’t getting any cheaper – and neither is labor. How can you make sure you’re not spending so much on repairs that your ROI begins to suffer?
Here’s one answer – take care of those routine repairs and prioritize preventative maintenance.
Deferred and unreported maintenance will always cost more than routine repairs. Don’t put anything off, and make sure you’re having your major systems and functions serviced and inspected regularly.
Invest in Preventative Maintenance
The best way to avoid surprise maintenance costs and unexpected repair bills is to invest in preventative maintenance. This will help you preserve the value of your investment property, keep your tenants happy with your responsiveness, and prevent the deterioration that deferred maintenance can cause. It also extends the lifespan of your most expensive systems and functions.
Have your HVAC system inspected and serviced annually. You can expect to pay around $300 for a technician to come out and inspect the heating and cooling units, clean the coils, and look for problems. While no one really wants to spend that money, it’s better than paying thousands of dollars on a new air conditioning unit or furnace.
Clean out the gutters so you can keep moisture from entering your home and causing problems with mold and mildew. Check your irrigation system and make sure it’s not leaking or rusting. Have the roof checked and make sure you’re keeping up with landscaping and pest control.
These are just a few of the preventative maintenance items that can save you money.
Routine Repairs to Expect in Lafayette Rental Homes
The routine and ongoing repairs you’ll need to make depend on your property’s age, condition, and location. Typically, you can expect to repair, replace, and maintain things like appliances, plumbing, and electric systems. Leaks can occur at any time, and if they go unnoticed, you could end up with both a mess and a huge repair bill. If outlets stop working, it could be something simple that you should fix right away. Leaving such problems alone for weeks or months could lead to needing new and upgraded wiring.
Additionally, make sure you’re proactive about security and safety. You may need to check your smoke detectors and your locks. Be sure exterior lighting is adequate. These things matter to tenants, and keeping up with them will keep your repair costs down.
Preferred Lafayette Vendors and Contractors
A good network of vendors will help you stay on top of routine repairs.
When you have service contracts in place with professional plumbers, electricians, HVAC techs, painters, roofers, and other vendors, you can expect to get their best rates. You will also be able to count on them to respond when you need them. It’s bad for your property, your bottom line, and your tenant retention when you have to wait weeks to get a repair done just because you don’t have a relationship in place with a vendor.
We can help you save money on maintenance by using our expertise to stay one step ahead of the routine repairs your property needs. Contact us at Stokley Properties when you need help with maintenance or Lafayette property management.