It doesn’t matter whether a property owner has one primary residence or multiple rental homes.
Residential properties are serious investments, so keeping them in good shape should always be a top priority.
Read on to find some tips for how to do just that.
Contents
1. Perform Regular Visual Inspections
It’s easy for single-family homeowners to make sure nothing is going seriously wrong.
Just take a walk around the house and its exterior to make sure the roof of your townhome is in good shape, there’s no visible damage to the siding, windows, and doors, and the landscape plants aren’t encroaching on the foundation.
Inside the home, check the paint, flooring, visible plumbing pipes and fixtures, electrical switches and light fixtures, and other basics for signs of wear or damage.
It’s always best to catch problems while they’re still minor because they will only get worse over time.
2. Know When to Hire a Professional
There are some minor tasks that most property owners can take care of themselves.
Switching out loose doorknobs, touching up the paint, or changing the filters on an HVAC unit all fall into this category.
Major tasks, on the other hand, should always be left to a professional.
As a general rule, property owners shouldn’t attempt to perform any job that requires specialized training.
If a handyman service couldn’t get it done right, neither can the average property owner.
Of course, not all property owners have the time to address even minor issues themselves.
People who own multiple rental homes, for example, usually hire property management companies.
This is the most hands-off approach to keeping a house in good shape, but it’s also the most expensive.
3. Act Quickly When Serious Breakdowns Occur
There are some property improvements, repairs, and maintenance tasks that can be put off until there’s enough money to cover everything upfront.
Room remodels, cosmetic repainting, and minor issues such as worn light switches don’t require immediate attention.
There are, however, some types of system breakdowns and other issues that should always be addressed immediately.
If a major appliance or system is showing signs of impending problems, deal with it right away, even if it means setting up a payment plan.
Issues with home support systems never get better by themselves.
Similarly, all of a home’s structural problems should be dealt with as soon as they occur.
That includes not just repairing electrical or plumbing problems right away but also addressing external issues like roof leaks, foundation cracks, and damage to siding, window, or door frames in a timely manner.
4. Start an Emergency Fund
New homeowners or property owners who manage rental homes by themselves should always have emergency funds set up specifically to pay for emergency repairs.
It can be tempting to put off necessary maintenance and repairs until they cause serious problems if addressing them will require setting up a payment plan.
Having an emergency fund that will cover necessary work on the property will make it easier to tackle urgent issues.
Always Stay on Top of Maintenance and Repairs
Whether property owners are taking care of their own homes or managing multiple rental properties, it’s important to stay on top of necessary maintenance and repairs.
Whether that means scheduling preventative maintenance visits or hiring a property manager, it’s worth the expense.
