As an investor in real estate, it is in your best interest to stay in informed and learn how to perform certain maintenance tasks in order to save yourself time, money and hassle.
If your investment properties aren’t too big for you to handle, you can save yourself some money if you are able to personally make repairs.
Little things are easy to fix, like securing loose trim or greasing a lock that sticks. For bigger or more complex tasks, like re-roofing and fixing the furnace, you should call a professional.
There are some tasks that property investors could hire out, but you could save money by doing it yourself. When you can do a few property maintenance tasks yourself you can do them around your schedule, instead of having to deal with someone else’s priorities.
Providing such service shows your building tenants that you are a diligent landlord and you will create a sense of appreciation amongst those who rent from you. By spending less on menial tasks, you can invest your dollars into more complex maintenance issues or even upgrades for your investment properties.
With that in mind, here are…
Five DIY Property Maintenance Tasks That Property Investors Should Know:
Painting is relatively easy but professional painters can charge a hefty fee. If you learn how to paint, all it will cost you is the price of the paint, the tools, the tarps, and your time. Of course, the amount of time it takes will depend on the number of coats you apply.
It’s important to check and repair caulking around bathtubs, toilets, sinks and other areas that need sealing from water. Additionally, caulking around windows and doors keeps out the wind, maintains heat and helps tenants spend less on energy. Though caulk can be used for a variety of sealing purposes, it can also be used for interior decoration to attach tiles, glass, mirrors and more.
Knowing how a toilet works can save a lot of money on plumbing bills. It’s actually pretty basic: there’s a tank, a flap, a balloon, a bowl and some pipes. They work using basic physics.
If you know how to fix issues in the tank, you can reduce water bills from various types of leaks. Additionally, if you know how to use a plunger and a drain snake, you have most of your toilet issues covered. And if you know how to use a drain cleaner you will have a good chunk of your sink issues covered, as well.
Many faucet leaks can be stopped with a few turns of a wrench. Furthermore, there are typically a set of handles under the cabinet below the sink where you can shut the water off to make repairs or even replace the faucet. By enhancing your knowledge of faucets and how they function you can save yourself a lot of money.
5. Air systems
We take our air filters, central air, air conditioners and furnaces for granted. They keep the air in our buildings and homes at the temperature that we’d like them to be. In addition, these things can also offer a line of defense for air quality within the building.
Maintaining consistent temperatures can also prevent wear and tear on the property’s structure. If you know how to change out air filters, scrub grates and clean out air ducts, you can reduce breakdowns, eliminate musty smells and extend the lives of your air and furnace units.
This is a pretty simple list, but knowing how to take care of the DIY maintenance tasks mentioned above could save a lot of time and money. You can use your time for more productive endeavors and with the money you save, you can be more prepared financially in case there is ever a need for repairs, a desire to renovate or a chance to buy another investment property.
Photo Credit: david_a_l