What is the real cost of maintaining a rental property? If you are drawing up your budget, you must factor certain costs into the price of keeping up a rental property. You will need to replace light fixtures, carpets, appliances. You will also have to factor in the cost to replace air conditioning filters and smoke detector batteries on a regular basis.
In addition to keeping things running smoothly on the inside, you will also have to make sure things are taken care of on the outside as well. You need to remember to add the cost of landscaping upkeep, snow removal, roof maintenance as well as siding and paint to your budget. Before you invest in a rental property, be sure to figure in the total cost of ownership and maintenance.
There Is Always Something To Fix
Sometimes when you own a rental property, it can seem like something is always going wrong. One day, the microwave oven can break early in the morning when a tenant tries to warm their morning coffee. The next day, a track in the kitchen cabinet could break and need to be replaced. Refrigerators, sink faucets and running toilets are frequently on the list of fix-it requests.
In addition, you are also responsible for your tenants’ safety. Smoke detectors only work properly for a few years before you need to replace them. Smoke detectors need to be vacuumed out at least once a month and replaced completely every five to ten years.
In the warmer months, you must tend to the landscaping chores weekly, or bi-weekly depending on the weather. Bushes need to be trimmed; weeds need to be pulled, etc. In the winter, depending on the region, you may have to deal with removing snow from the property. With a rental property, there is always something that needs tending to, either by you or hired help. Be sure, when you invest, to calculate the real cost of owning a rental property before any money changes hands.
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Hmm… I read blogs on a similar topic, but i never visited your blog. I added it to favorites and i’ll be your constant reader.
Hi Sean,
There’s a lot that goes into maintaining a rental property. I’m guessing that this is something you’d factor into the cost of the rent. I think it’s going to be a good idea to find regular contractors who can do regular maintenance on your rental properties.
You can learn to do these things yourself but I think it’s best left to the professionals. I think your focus should be on making money first.
If you are investing in rental properties you do need to take into account all the hidden and unexpected cost’s, because they might make the deal not so sweet. Great post.