Most property investors realize that a portion of their rental income is going to go into maintenance costs. A smart property investor also keeps a reserve fund for emergency repairs and purchases landlord’s insurance. In this article, ServiceMarket brings you some good property investor practices to follow before and after you lease out your property.
Before you purchase a property, do a thorough check of its maintenance and repair history. You do not want to end up with a money pit on your hands.
Always conduct regular inspections of your property. The best chance to do a more thorough inspection, however, is when you are in the middle of a tenant turnover. During routine inspection you will be able to identify and prevent future issues such as a broken air conditioner or a burst pipe. Take your trusted handyman along with you on inspection trips.
Make sure that you respond quickly when a tenant reports a problem. A little damage can turn into a money pit if left neglected. However, if a tenant notices an issue but fails to report it, he/she may be liable for the expense. If, on the other hand, you fail to respond in a timely manner, you may be liable to cover costs of an alternative temporary shelter for your tenant.
Hire a handyman
Recruit a handyman in Doha to deal with regular maintenance and repair issues on your property. Routine maintenance includes regular cleaning of the exterior and common areas, taking care of the garbage and recycling and landscaping.
Don’t make the mistake of trying to repair things yourself. You might end up making the problem worse. Read this guide on how to build a relationship with your handyman or maintenance company. A Doha maintenance company can also help you with pre-tenancy cleaning, painting and repairing.
Know your appliances
As a property owner you need to know the lifespan of all the major appliances and fixtures so you can be ready to replace them when their time is up. Having a reserve fund will help you with this. While it may seem more expensive in the short term, replacing carpets with laminate or wooden flooring is more practical. These are durable and cheaper in the long run.
Replace money pits
Ask your maintenance company if it is possible to replace any high maintenance items with low maintenance items to cut down on future expenses.
Choose a tenant wisely
Be very particular when it comes to tenant selection. Don’t rent out your property to the first person that walks in the door. You should have a habit of conducting background checks before you lease your space. References from previous landlords, for example, are a great blessing. They can help you filter out nightmare tenants.
Calculate the right deposit
Anticipate possible future issues and ask for a security deposit that would cover at least some of the expense. You should never assume responsibility for any damage caused by a tenant’s recklessness.
Have a proper agreement
Your lease should have clear guidelines on tenant rules of conduct, instruction on repairs and how to report a problem. The lease should also highlight tenant responsibilities of maintenance. Some landlords take up regular maintenance of fixtures, carpets and appliance, while others pass this on to the tenant. For some properties you might need to ask tenants for dues for the upkeep of common areas like a swimming pool, if you don’t want to pay for it out of pocket.
Now that you know how to curb rental property maintenance costs, it is time to hire a maintenance company in Doha of good repute so they can take care of any property issues for you.