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Just like everyone else, landlords sometimes hear property maintenance tips through the grapevine and apply them to the rental business, hoping for a beneficial outcome. However, not all advice is worth following. Some only seem like they will reduce your physical and financial responsibilities, but they can either have no effect or make things worse for you. Here are rental property maintenance myths you thought might save you a few bucks.
Key Highlights:
- While minor fixes can be done yourself, complex repairs should be handled by professionals to avoid costly damage or safety risks.
- Repairing outdated appliances may seem thrifty, but energy inefficiency can increase utility bills. Replacing them is often the smarter financial move.
- Waiting a full year between inspections can lead to bigger issues. Quarterly maintenance helps catch problems early and protects property value.
- Security deposits only cover damage beyond normal wear and tear. Misusing them can lead to legal trouble, especially without proper documentation.
- Poor upkeep impacts both tenant satisfaction and your property’s appeal, leading to lower occupancy and reduced rental income.
✕ DIY Rental Repairs Cut Costs
The idea of doing something yourself to cut rental property maintenance costs isn't necessarily false, but you have to know your own limits. DIY repairs may be fine for simple maintenance tasks. However, more complex issues should be handled by qualified technicians with the proper training and experience.
Doing your own repairs with faulty wiring, for instance, can lead to damaged appliances or even electrical fires. In the end, you could spend more on repair costs than what you originally would have if you let a dedicated professional handle the repairs.
✕ Repairing Appliances is Cheaper
This particular property management myth has been silently adding to your utility bills without you even noticing. Many landlords wait until an appliance breaks beyond repair before they replace it, thinking that they are saving money. That is not the case when it comes to energy usage.
Consider the age and condition of the appliance. If it's older than half its expected lifespan, it could start using more energy just to function as well when it was new. Upgrading your appliances can contribute to your overall energy efficiency. If you can't determine whether it's using more energy or not, just follow the general rule in replacements: If the repair is over half the cost of the appliance, just buy a new one.
✕ Annual Rental Property Maintenance
It's not a common home maintenance myth, but it's important to acknowledge. How frequently you conduct regular maintenance will determine the condition of your property. Yearly rental property maintenance will not be enough. At the least, you should conduct property maintenance quarterly.
If you're worried about maintenance expenses, think about how much you'll spend to regain your property value when negligence leads to severe damage. In a long-term financial sense, you'll be saving money by doing needed repairs while they're still small.
✕ Security Deposit Covers All Damages
You might not think that the security deposit covers all damages, but do you know which ones it does? Considering that you need to provide an itemized receipt of all the deductions you make from the security deposit, you might land yourself in legal trouble.
The security deposit must only be used for tenant-caused damage beyond normal wear and tear. It means that you may be deducted for property damage if they punch a hole in the floors by dropping something heavy, but not for scratch marks caused by moving furniture. Cleaning costs are also shouldered by the property owner, unless the rental unit is left with excessive messes.
✕ Poor Maintenance Only Affects Tenants
Delaying rental property repairs or not attending to them at all doesn't only inconvenience your tenants. This is one of the most dangerous home maintenance myths out there. Ignoring structural damage, for instance, can lead to incidents and more repairs.
Leaving your rental property in poor condition will also affect its appeal. With your property in disrepair, potential tenants will prefer other options in the rental market, which will ultimately affect your rental property income. Furthermore, tenants can retaliate through unpaid rent, which extends to another problem.
✕ Changing the Air Filter is Enough
While the maintenance myth does bring light to the fact that you need to change your HVAC system's air filter, it only contributes to air quality. You will need to hire professional services to thoroughly clean the components every few months to get it running efficiently.
They will do the job quickly, and you won't have to worry about your HVAC systems breaking down. Signs that you need to have it cleaned are when you see excessive dust, mold around the vents, reduced airflow, musty odors, and inconsistent heating/cooling.
✕ More Insulation Means Lower Utility Bills
Yet another unnecessary rental property maintenance myth: adding more insulation will help you retain the rental unit's temperature longer. Temperature control is determined by two separate facts, both of which cannot function without the other.
One is that there is only so much insulation you can install before any thickness does about the same job. The other is that the regulation of the room's temperature depends on the condition of your HVAC systems. If it's in good working condition, it won't use up more energy just to function normally.
✕ Maintenance Costs Drain Your Rental Income
While rental property maintenance costs take a chunk out of your income, it's a common landlord misunderstanding that it will drain their profits. For one, you should allocate funds based on your income. You should also adjust your rent price if you feel like it's not enough to remain profitable.
You can budget at least 20% of your rental income for maintenance, or $1 per square foot per year. This home maintenance myth is usually debunked by property owners themselves once they get the hang of managing a rental business, but for new investors, this may be discouraging.
How to Spot Rental Property Maintenance Myths?
As a property owner, you can do your due diligence and conduct research before executing any so-called tips you hear. You'll be the one to pay for costly mistakes, after all. If you don't want to worry about such matters, there's always the option to hire a full-time property manager.
A professional property manager makes sure that your property is taken care of through effective methods like regular maintenance, not home maintenance myths. Companies like Green Tree Property Management will help you with your investment property's maintenance needs, and more.
Leave the stressful aspects of property management to us. Call us to learn more about our services!
