Did you ever have random unexpected rental property costs come up as when trying to move someone into one of your rental properties in Westborough? Having yourself properly prepared for the numerous unexpected rental property costs that may arise can help you plan and give a better estimate regarding move in times and budget the funds needed for your investment. The following will expound on the various elements that we have found that might come up when attempting to start up your property investment:
Cleaning can lead to some hefty unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to come up with the right decision concerning expectations on cleanliness. Ask yourself if you would move in to the property you are renting out. This question can help determine if it is a place that is clean enough that you would trust your own family to live in it. If renters move in and see that a home isn’t aptly cleaned, it can lead to a problematic first impression about you as an owner and of the property itself. They might require certain demands be met, or they might leave it as it is but handle the property with less care and respect as they are only adding to the value of the property that they originally observed it to be, which can lead to damages such as dirty or stained floors, pest problems, and more unexpected rental property costs.
To solve the cleaning cost, you have two decisions to make. You could get a professional cleaning service to help with 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 time-consuming and expensive in finding the right equipment and materials. Moreover, your efforts as a property owner in Westborough could be better spent in other areas where a higher time value is present.
Carry out a home evaluation to ensure safety of the tenants. Mold can be dangerous, cause health issues, reproduce rapidly, and cause damages to the home, which can result in unexpected rental property costs if it is not properly dealt with. The secret to finding mold is locating where it tends to grow – in areas of excessive moisture. Do a comprehensive evaluation and look for areas that have low air circulation, high humidity, and leaking pipes or appliances and find the dark spots or wet areas. You could also get an expert to do thermal imaging to find the high moisture spots or to gather an air quality sample.
The key to preventing mold costs in Westborough is moisture control. Instruct tenants to turn on the bathroom fan after showering to ensure proper ventilation. Leaky faucets and pipes should be attended to quickly. You can also make sure your gutters are cleared and the water drains are directed away from the house to preserve the foundation. Fire hazards can also be another topic to consider, which you can read more about [here].
Structural damage is anything that can affect the long-term structure/core of the property. This includes the foundation, roof, and support beams/walls. Windows and doorframes sagging or tilting away or against the home can also be indicators of the overall integrity of the home. Cracks in the foundations or wood, hard-to-open windows or doors, pipes, wires, insulation, and rust can be signs of something that requires immediate attention in order to upkeep your home for long-term use.
If structural damage isn’t handled, it can be enormously costly as the home might deteriorate or diminish. Before a tenant moves in, checking for structural damage can be effective in ensuring your investment maintains its quality. The sooner you repair something, the better, as unexpected rental property costs can add up over time.
Interested in learning about property management in Westborough? Contact Real Property Management MetroWest/Worcester today.