Tips for Planning Your Annual Property Maintenance Expenses in Chevy Chase, Maryland
Landlords, property managers, and HOA boards have a lot on their plates. Among other responsibilities, they must stay on top of maintenance, upkeep, and repairs of their properties.
If not, they risk losing property value, not to mention allowing minor issues to become major ones (which will cost more down the road). In a competitive real estate environment, budgeting for ongoing repairs is essential.
This article provides some tips for planning for your annual property maintenance expenses. Keep reading to find out ways to budget for the upkeep of your Chevy Chase home, condo, or apartment.
There is always something you can do to improve a property. Most people have limited time and resources, which means you have to choose which improvements to make and which can wait.
Start by considering health and safety standards. If there is a repair that could put you in jeopardy of code violation and/or endanger the safety of residents, that should be at the top of your list, regardless of the scope or cost.
Next, turn to tenant requests. No matter how insignificant you think the repair is, if a resident requests attention, you should give it.
Finally, look for any glaring issues that could run off tenants or keep a vacant unit from being rented. For instance, a pest control issue, mold or mildew problems, and HVAC issues should come well before any aesthetic improvements.
Budget for Major Systems Repairs
Staying on top of HVAC, electrical, and plumbing issues will pay dividends down the road. Even if you have fairly new systems and components, set aside money each month for repairs. You will need it eventually.
If you do not have a property manager and do not perform minor repairs yourself, consider lining up regular inspections by professionals. Many electricians, plumbers, and HVAC companies will offer discounts on repairs if you sign up for a bi-annual service plan. This will help you catch minor issues and hopefully avoid breakdowns that leave tenants without air, water, or electricity.
Consider Seasonal Expenses
You can benefit from prioritizing certain scheduled maintenance tasks for different times of the year. For example, in the springtime, you may want to prioritize AC tuneups before the summer heat arrives. In the winter, you might insulate pipes or windows, or have the gutters cleaned after the leaves fall.
Focus On Vacant Properties
Regardless of how good a landlord you are or how attractive your property is, there will be vacancies from time to time. When there are, make the most of it.
Especially if you know a tenant will be leaving, budget for repairs or improvements while the property is vacant. Besides not having to disturb a resident to do property maintenance, improvements could help you rent the property faster.
Find Property Maintenance Planning Assistance
Now that you have some tips for budgeting for your annual property maintenance expenses, you can plan accordingly. Remember that a qualified management company can provide financial planning assistance for your property.
PMI Chevy Chase is a full-service real estate management company. We offer a variety of services, including property maintenance, budgeting, accounting, and more. Reach out to us today to schedule a free consultation.