The old rule for homeowners is to budget 1% of the cost of your home for yearly maintenance.
It's a little bit different for rental property owners, however. Your rental property goes through more wear and tear because of the nature of property rentals. You've got different types of tenants coming through every few years, which makes it difficult to stay on top of property maintenance.
In today's post, we're going to give you 3 crucial tips for saving money on property maintenance in Jacksonville, FL. It's an essential part of doing business for landlords, but keep reading, and you'll be able to create an effective cost-saving plan to keep your investment home in great shape for years to come.
1. Inspect the Property Regularly
The best way to minimize your property maintenance costs is to keep close tabs on your property. Not only should you perform diligent move-in/move-out inspections with every tenant you have, but you should also perform periodic inspections to ensure no damage is being neglected during tenancies.
It'll also be incumbent upon you to respond to tenant maintenance requests in a timely manner. If a tenant complains that the HVAC system is acting up, for example, it's in your best interest to have it fixed as soon as possible. Most issues in retail properties will get worse over time if they go unmaintained.
2. Tenant Screening
Maintenance on your rental home is only going to remain affordable if you have quality tenants living there. When tenants don't respect your property, you're going to end up with a unit that goes through even more wear and tear and in some cases, severe damage.
You can only control what you can, so make great use of the tenant screening process. Be as thorough as you possibly can with background checks. Look into criminal history, employment history, and credit scores, and make sure to call former landlords.
Doing all of this will help you find the best tenant. Good tenants will respect your property, making maintenance less of a problem, which will save you lots of money.
3. Hire Property Management
If you really want to keep maintenance costs down, hire a Jacksonville property management company. Included in property management services is routine maintenance, among other things that we've discussed, like inspections and tenant screening.
Having a property manager simplifies landlord duties. Yes, you have to pay property management fees, but they're far less than the cost of maintenance. The property manager will take care of everything for you and you'll get to sit back and enjoy the perks of being a rental property owner.
Let Nest Finders Handle Your Property Maintenance
Property maintenance costs can get out of hand if you're not careful. These tips should keep you from overspending on maintenance and repairs, but the best thing we can tell you is to look at the best Jacksonville property management services and see what they can do for you.
At Nest Finders, we take care of your Jacksonville property as if it were our own. Contact us today to learn more about what we do and how we can keep your property maintained for cheap.