Have you ever had random unexpected rental property costs turn up while attempting to move a tenant into one of your rental properties in Troy? Having yourself properly prepared for the many unexpected rental property costs that might arise can help you plan and deliver a better estimate in terms of move-in times and budget the funds you need to set aside for your investment. The following will expound on the various elements that we discovered that may come up when trying to start up your property investment:
Cleaning
Cleaning can drive up some significant unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to make the right decision regarding cleaning expectations. Would you move into the property you are renting out? Asking yourself this question can aid in determining whether a place is clean enough that you would trust your own family to live in. If renters move in and observe that a home isn’t cleaned well, it can lead to a bad first impression about you as an owner and of the property itself. They might ask that certain demands be met, or they might leave it as it is but treat the property with less care and respect as they are just contributing to the value of the property that they initially saw it to be, which can lead to damages like dirty or stained floors, pest issues, and more unexpected rental property costs.
To solve the cleaning cost, you will have two decisions to make. You could hire a professional cleaning service that can assist in all the deep cleaning and ensure that everything is in order before moving in your tenants. Another decision you can make is to do the cleaning yourself. However, cleaning can be laborious and expensive in finding the correct equipment and materials. Additionally, your efforts as a property owner in Troy can be better spent in other matters where a higher time value would be present.
Home Evaluation
Do a home evaluation to ensure safety for the tenants. Mold can be dangerous, cause health problems, reproduce quickly, and cause damages to the home, which can result in unexpected rental property costs if it is not correctly handled. The key to finding mold is finding where it tends to show up – in areas of excess moisture. Conduct a thorough evaluation and search for areas that have low air circulation, high humidity, and leaking pipes or appliances and find dark spots or wet spaces. You could also hire a professional to do thermal imaging to locate the high moisture spots or to take an air quality sample.
The key to averting mold costs in Troy is moisture control. Tell tenants to switch on the bathroom fan after showering to ensure good ventilation. Make sure leaky faucets and pipes are swiftly attended to. You could also make sure your gutters are cleaned out and the water drains are pointed away from the house to maintain the foundation. Fire hazards can also be another topic to consider, which you can read more about here.
Structural Damage
Structural damage is whatever can affect the long-term structure/core of the property. This includes the foundation, roof, and support beams/walls. Windows and door frames can also show the general integrity of the home if they are sagging or tilting away or against the home. Cracks in the foundations or wood, hard-to-open windows or doors, pipes, wires, insulation, and rust can all be indicators if there is something that needs tending to upkeep your home for long-term use.
If structural damage isn’t fixed, it can be extremely costly as the home may deteriorate or diminish. Before a tenant moves in, checking for structural damage is effective in ensuring your investment maintains its quality. It is advised that the sooner you repair something, the better, as unexpected rental property costs can add up over time. At Real Property Management Metro Detroit, we can find and fix structural damage before it becomes a bigger problem. Contact us online or call us at 248-808-6550 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
