Having a rental property is a great investment and as we go into the new year and you get ready to file your taxes – those investment benefits will be realized!
However, a big part of maintaining your investment is to make sure that the maintenance to the property is upheld.
Here are a few ways that you can deal with a maintenance need at your rental property:
- Make sure that the property is rent ready from the beginning. If you have just purchased a rental property or you have been living in your home and are now renting it out, it is essential that you make sure that the property is ready to be rented. Any repairs or areas that need maintenance should be addressed right away before they escalate. If you notice any leaks or light switches that don’t work properly – make sure to call professionals out to investigate and make the repairs before to put it up for rent. Having a ‘clean slate’ before renters move in will help to make sure that the property stays in good condition, long-term.
- When you rent your property – make sure that you have a clear maintenance policy in place that your renters acknowledge and sign. It is essential that people know who to call and how to get help if there is a need for maintenance. The sooner that the repair or maintenance is done, the less chance there is for serious damage to your property. Having a long-term problem that isn’t addressed quickly and properly – will definitely call you more money and stress in the long run.
- Build relationships with vendors – If your rental property needs an appliance or a plumbing or electrical repair – it is important that you have a specific person to call who is an expert in their field. The longer that you research looking for a plumber – the more chance there is for serious damage to your property. Have someone on-call for each type of maintenance or repair need so that you and your renters know exactly the name and number to get ahold of.
Going into the new year, it is important to be thinking about protecting your rental property investment. You want to make sure that your tax benefits are as big as possible for next year!