It’s crucial to do a yearly maintenance check for a variety of reasons; sometimes tenants fail to report problems until they become disasters and sometimes you lose track of things that need to be updated around your property.
Do these three things yearly to stay on top of your rental maintenance:
Save money on utilities.
Things like a dripping faucet or a running toilet are often minor inconveniences that tenants don’t report. This is especially true if they’re not footing the water bill. You could save hundreds of dollars by going through your property and promptly fixing any water leaks. Don’t forget to check outside sprinkler systems and faucets if you rent out a house.
Eradicate deposit disputes.
If you are lucky enough to have a long-term tenant, renewing the lease each year is a given. This year, instead of just having them sign a contract, you should think about doing an annual walk through. You can avoid future disputes by checking and notating any new damage. Plus, you can see if anything needs to be fixed before it becomes a bigger issue.
Keep an eye on your investment.
It’s smart to do a yearly check on rental prices in your area using a rent calculator or searching comparative listings. Don’t shortchange yourself by keeping rent prices the same when the market around you is exploding. If you decide a raise in rent would be fair, write a letter to your tenants informing them of the price change when it’s time to renew their lease.