5 Ways Owners Can Curb Property Maintenance and Repair Costs





5 Ways Owners Can Curb Property Maintenance

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and Repair Costs

Real estate investment involves acquisition, holding, and sale of rights in real property with the expectation of covering future cash outflows with cash inflows, thereby generating a favorable rate of return on that investment.

In other words, real estate investing is the act of buying real estate in order to make a profit and acquire wealth. Real estate investors invest in real estate to make money, bottom-line.

With that said, there is a crucial need for income property owners to reduce and eliminate money-wasting property maintenance and repair expenses. It’s one thing to collect substantial rents, but landlords who disregard maintenance and repair costs can find their cash flow and profits lower than expected.

Okay, let’s look. Here are five ways real estate investors can curb maintenance and repair costsin an attempt to increase the profitability of their real estate investment business.

1. Purchase low-maintenance properties. This might seem obvious, but investors sometimes purchase strictly on the basis of price or curb appeal (with no regard for maintenance). Always prefer proper¬ties that are constructed with materials and fixtures that require less maintenance, and are built to last with minimal care. The same applies to yards, shrubs, and landscaping.




2. Tighten your tenant selection. Apartment buildings are not the only part of your investment that is low and high-maintenance. There are also low-maintenance and high-maintenance tenants. The idea, of course, is to avoid the latter and select the former. Watch out for chronic complainers and people who show no “house sense.” You might be delighted to discover that you can eliminate up to one-half of your maintenance, repair, cleaning, and wear-and-tear costs simply by selecting tenants who demonstrate personal responsibility. Bear in mind that things seldom break by themselves and toilets do not just stop up and overflow.

3. Impose sound repair clauses. A good way to promote tenant responsibility a bit further is to shift the first, say, $100 of every repair cost onto your tenants’ shoulders. You might also want to favor high security deposits.

4. Enlist a handyman. Establish a relationship with a person on whom you can regularly depend and trust. Employing a trustworthy and competent all-around handyman (or persons) to take care of your property maintenance and repairs will do wonders to free up your time and ease the drain on your pocketbook.

5. Engage in preventive maintenance. Apply the same principle to your investment properties that you would to your car. Anticipate and do the repairs when the cost is relatively small and always ask your maintenance experts how you might replace high-maintenance items with low-maintenance items.
James Kobzeff is the developer of ProAPOD – superior real estate investing software since 2000. Create a real estate analysis in minutes! Go to => www.proapod.com

5 Ways Owners Can Curb Property Maintenance and Repair Costs / Author: James Kobzeff

Occupation: Real Estate Professional
James R Kobzeff is the developer of ProAPOD Real Estate Investment Software. Create cash flow analysis presentations for rental properties in minutes!
http://www.proapod.com