Budgeting for property maintenance doesn't have to be difficult. A good rule and strategy to follow is the 50% rule.
Every month, you should save around half your rental income for house maintenance. This will set you up for success.
If an unexpected expense comes around, you'll be ready for it. Not much is worse than getting hit with an unexpected bill due to a maintenance emergency. While having a cash reserve is great, saving money on property maintenance is always beneficial.
We've put together our best tips for saving on your investment property. The guide below outlines what you must do to protect your income and property.
Take Proactive Property Maintenance Steps
One of the best ways to save money on property maintenance is to schedule regular servicing on your appliances and systems. Your plumbing and electrical needs to be looked at by a professional every once in a while.
This will extend its lifespan and prevent breakdowns. Ultimately, you'll be saving money as you won't have to replace or repair the systems as frequently. Without preventative measures, your equipment will likely break more often.
You may not want to schedule time to check your property in Chicago, but regular inspections can save you a lot of money. You'll have the chance to identify small issues and fix them before they turn into costly repairs. The earlier you can detect a problem, the better.
Doing simple repairs and maintenance tasks on your own can also be a big money saver. However, you will need to be cautious when doing this.
You don't want to risk making the issue worse. You should also check the warranty on appliances before making any repairs yourself. However, learning how to paint and fix minor leaks could save you a lot of money on hiring outside contractors.
If you can do lawn work such as mowing and trimming shrubs, you can save a lot of money as well. Cleaning out the gutters and pressure washing the outside of your home are also simple tasks that you can do without spending all of your savings.
Hire a Property Management Team
Caring for your home in Chicago will be much easier if you hire a property management team. They will take on the responsibility of property maintenance.
They will have connections and contacts in the industry. A team of property managers will have established relationships with outside contractors, which will help you get a better deal on property maintenance.
Hiring a property management team is an investment, but they will have the negotiating skills needed to save you money.
Money Saving Tips From the Pros
As an investment property owner, you need to do everything you can to take care of your property and tenants. Property maintenance isn't an easy task, but it's crucial.
The steps above will help you while you're being proactive about protecting your investment. Here at Chicago Style Management, we know how tough it is to be an investor.
That's why we work with property owners to ensure the maximum amount of profits while also keeping your property safe. Don't wait to start saving money, give our team a call today!