You invested in a rental property, hoping to earn a passive income. But as a landlord, it’s your responsibility to keep your rental property in good condition — not just for aesthetic purposes but also for the safety of your tenants. Failure to do so can result in costly repairs and, in some cases, legal action.
To keep your rental property occupied, you must work to keep it well-maintained. Here are four things you can do to keep your rental property in tip-top shape:
Inspect the Property Regularly
A rental property inspection is a crucial step in renting out a property and keeping it in great shape. By thoroughly inspecting your property, you can ensure that it meets your standards and is safe for your tenants. Additionally, a rental property inspection can help to protect you from potential liability issues.
According to experts, you should conduct a rental property inspection:
- Before a tenant moves in
- After a tenant moves out
- At least once a year
- After a tenant reports a maintenance issue
By documenting the property’s condition before tenants move in, you can prove that any damages that occur during their tenancy are the tenants’ responsibility. Inspection after a tenant moves out can help you identify any necessary repairs and determine if the security deposit will cover those costs. Inspecting your property regularly or at least once a year can also help you catch minor problems before they become big and expensive ones.
Conduct Regular Maintenance and Repairs
In addition to conducting regular inspections, it’s crucial to regularly maintain and repair your rental property. By staying on top of maintenance and repairs, you can prevent small problems from becoming big ones — and save yourself time and money in the long run.
For instance, your tenants recently reported an electrical issue. If you ignore it, the problem could worsen and cause a fire. But if you take care of it right away, you can avoid a potentially disastrous — and expensive — situation.
When it comes to your rental property’s electrical system, it’s always better to err on the side of caution. That’s why you should always hire a licensed industrial electrician to handle any repair or maintenance work. Remember that the electrical system of your rental property has extensive electrical wiring. The right professional can ensure that the work is carried out safely and correctly.
The same goes for conducting regular maintenance. It helps to keep your rental property in good condition, and it can also help you avoid costly repairs down the line. For instance, if you regularly clean your gutters, you can prevent water damage to your roof and siding. The average cost of gutter cleaning in a common house is $160 per 200 feet of gutter while siding repair costs between $200 and $1,100 depending on the location, material, and damage. This means you enjoy more savings by simply keeping up with gutter cleaning.
Set Rules and Regulations for Tenants
Setting rules and regulations for your tenants can help ensure that your tenants are respectful of your property. Being clear about your expectations from the start can also help to avoid conflicts down the line.
Some landlords prefer to provide tenants with a separate document that outlines the expectations for conduct and behavior while living in the rental property. For example, you could include a rule that prohibits tenants from smoking inside the rental unit, what the quiet hours are, and your visitor policy. You could also set a rule about how many people are allowed to live in the unit and a pet policy. This way, your tenants will know your expectations from the start, and you can avoid potential problems later on.
It also helps you list the consequences should tenants fail to comply with the rules and regulations. For instance, you could state that any tenant who violates the smoking policy will be subject to a fine of $200. This way, your tenants are more likely to take the rules and regulations seriously and help keep your rental property in good condition.
Get Renter’s Insurance
Lastly, don’t forget about investing in renter’s insurance. This type of insurance can help protect your belongings in case of damage or theft and liability if someone is injured while on your property.
While your rental property’s insurance policy will likely cover the building itself, it won’t cover for your personal belongings. That’s where renter’s insurance comes in. Renter’s insurance is relatively affordable, with the average policy costing $13 per month. And should something happen to your belongings, you’ll be glad you had them.
By following these tips, landlords can help ensure that their rental property remains in good condition. By conducting regular inspections, maintaining and repairing the property on a regular basis, setting rules and regulations for tenants, and getting renter’s insurance, you can keep your property in tip-top shape.