Experts recommend putting aside 1% of your property's price for the cost of property maintenance. For those in Oklahoma City, that can mean up to $2,500 per year!
If you're a real estate investor with multiple properties, then it's far more than that. Keeping those fees as low as possible is essential to keeping your profits (and sanity) as high as possible.
If your maintenance fees are already out of control, take action with these 4 easy steps to lower your costs.
Fix Small Repairs Yourself
Rather than immediately calling up a plumber or electrician, take a step back and try to fix the small things yourself.
Whether this means unclogging toilets, cleaning drains, or changing lightbulbs, a surprising amount of regular repairs are easy to do.
Although it may take a bit of time, the financial savings can be huge. Most professionals charge for initial visits and travel fees alongside labor costs and materials. Cutting those costs out can save you a lot.
If you're not particularly handy, then DIY tutorial sites should be your new best friend.
Of course, if the repair is over your head, then it's best to call a professional.
This tip is especially relevant for Oklahomans concerned about rental property maintenance. Rather than hiring a landscape company, consider doing the work yourself.
Spending an hour to two mowing the lawn or trimming the hedges can add up to some serious savings in the long run.
Of course, this isn't feasible for everyone. Another option for reducing the cost of your property maintenance is to focus on purchasing rentals that don't have yards or have easy-to-maintain common areas.
Schedule Your Property Maintenance
An essential part of any property maintenance checklist is to schedule regular checks on basic systems and appliances. This kind of preventative measure can help avoid costly repairs in the future.
Some common examples include:
- Cleaning gutters to avoid water damage
- Checking smoke alarms and carbon monoxide alarms monthly
- Changing air filters when necessary
- Draining your hot water system once a year
Hire Qualified Professionals When Necessary
If the repair is beyond your skill set, then it's best to turn to qualified professionals.
Although it may be tempting to try and find the cheapest handyperson around, doing so can open you up to a host of other troubles. Most likely, if a handyperson is charging significantly less than others, then they'll have to recoup the loss by either rushing through a job or purchasing cheaper materials.
That can lead to expensive headaches later on. To avoid that fate, it's best to spend a bit more upfront to ensure the repair will last as long as possible.
Save More on Property Management Maintenance
The cost of property maintenance is not set in stone. By implementing the tips above, you can actively take part in reducing your annual costs. Whether you have a single home or multiple rentals, the savings can be immense.
To learn how you can save more on property maintenance services, reach out to us. HomeRiver Group Oklahoma City can also help you invest in properties, screen tenants, and so much more.