10 Ways to Save Major Money on Rental Property Maintenance

Rental Property Maintenance salinas

Rental property maintenance is one of the largest expenses that you will incur as a landlord. Owners spend an average of $2,300 per rental unit per year on rental property maintenance. This makes sense, given that most landlords own multiple rental properties. The costs can be even greater if your rentals are not well-maintained, to begin with, which is why it’s so important to create and implement a regular rental property maintenance plan for your properties.

1. DIY Maintenance Whenever Possible

Many small repairs can be done by yourself rather than hiring a contractor or plumber. It may take some time, but the savings in money and labor will more than makeup for this effort. Such things include changing burnt-out light bulbs, unclogging toilets, replacing faulty faucets, and more. This list of do-it-yourself home repair tasks can be especially helpful when trying to fix things on your own.

2. Get Rid of Lawn Care Services

This is not always possible, but it can save a lot of money if you have a large yard or lawn that takes up considerable amounts of time to maintain yourself. These services are not cheap, even if you get a discount since the person doing the work is likely an hourly employee. The best way to avoid this cost altogether would be to rent out a house with no yard or live in an apartment with some form of a landscaped courtyard or common area that provides green space for tenants.

3. Hire Professionals Only When You Need To

If you do need to hire someone, only pay the premium rate when absolutely necessary. For example, if you have an appliance that needs to be repaired or replaced, it is almost always possible to find a better deal than what the company you bought the appliance from offers. This means calling around for prices or asking friends and neighbors who they used, or finding online reviews for local businesses that offer these services. Keep in mind that any time your rental has something major like plumbing work needing to be done, there will be significant costs involved, so getting multiple quotes should be done first before hiring anyone.

4. Do Your Painting

Many landlords don’t realize how easy it is to paint their rental units whenever necessary. Not only is it very simple, especially if you can afford to invest in high-quality rollers and brushes but also inexpensive. This may be another one of those tasks that would be helpful to learn how to do when you are trying to fix things on your own. If the paint job isn’t perfect, consider this part of the charm of renting out an older house; no one expects perfection when it comes to old buildings with history behind them.

5. Utilize Public Service Resources for Repairs

One way to save money is by asking your local public services department for help in making repairs. For example, many towns provide free plumbing or electrical assistance, which can make any necessary repairs significantly easier and faster without having to pay a private contractor. You can find out about these resources by contacting your city hall, local community center, or library.

6. Negotiate for Better Deals on Insurance

Renting insurance policies are almost always overpriced; this is especially true if you own multiple properties or live in an area with a high chance of property damage caused by natural disasters such as hurricanes and floods. It’s important to shop around among different insurers to get quotes at least annually because premiums will fluctuate depending on the insured value of the rental unit and the type of dwelling it is. If you have a fair amount of equity built up in your rental, you may want to consider giving up some coverage for a lower premium, but be that the liability limits you have for this particular type of property.

7. Hire a House Sitter When Traveling

This can save you money on pet sitting services and provide you with an extra layer of security. The house sitter will let in maintenance workers when they come by to fix things, pick up any packages that come for tenants, and collect rent if necessary. Furthermore, there may be a travel cost involved only once but then the savings every time after that until you use it again or sell your rental property should more than makeup for it. If you want to find someone trustworthy who is available when needed, check with family members or neighbors first before getting online bids from strangers since references are essential when choosing someone to take care of your home. Also, make sure they are bonded and insured to protect you in the event that something unfortunate happens.

8. Utilize Your Tenants for Repairs & Maintenance

Before embarking on any major repairs or renovations, consider asking your tenants if they would be willing to contribute financially towards making necessary updates. Often this can come in two forms: either a lump sum when signing the lease or monthly contributions during their tenancy. This is especially beneficial if you have just one tenant since it only requires communication, whereas hiring someone else to do work on the unit will involve coordinating between them and whoever you hire. Furthermore, it will save you time because you won’t have to worry about getting bids from contractors then sorting through quotes before getting started.

9. Enlist the Help of Your Tenants for Repairs & Maintenance

This is another strategy to save money on repairs and rental property maintenance, though it’s not recommended you utilize this too often since it can go both ways. It may be an incentive to have your tenants complete work if they aren’t responsible enough for certain tasks by providing them with cash or free rent in return, but one problem with this approach is that there is no guarantee they will finish the job. Another issue might arise if the tenant does something wrong, like bricklaying a wall incorrectly or doesn’t do anything at all, which ends up costing more than doing it yourself would have. However, there are some instances where allowing your tenants to make minor improvements themselves will save you some money.

10. Renew Your Rental Insurance Every Year

Rental insurance policies are one of those things that automatically renew themselves for the same price as the original purchase unless you cancel it, so this is a service that’s going to run for as long as you continue renting out your property. The problem is that many people forget about it or don’t bother canceling their old policies after they’ve bought a new one and end up paying double the premiums, which isn’t a good deal. For these reasons, be sure to contact your insurance provider every year before the annual due date on your plan to make sure everything is in order, and there aren’t any unnecessary charges being added by mistake. In addition, always double-check with them before starting work on your home since some projects might invalidate your current policy and force you to buy a new one which will cost more if you wait too long.

In conclusion, these are some of the ways to save major money on rental property management Salinas. Although they may not be the most exciting things in the world, it is important to keep up with them because there is always something that will need collecting rent for, fixing, or updating during your time as a landlord. However, even if you end up doing everything yourself, these strategies won’t have helped you that much since keeping busy around the house is far from anyone’s idea of fun. Therefore, use them only when absolutely necessary and try to make sure they are kept to a minimum so you can maintain your sanity along with your wallet without letting one affect the other.