Throughout the rental property purchasing phase, location must be the primary concern. On the other hand, after acquiring and renting out a Raleigh investment property, planning becomes the most important aspect. As one of the leading property management companies in Raleigh, we advise the following:
- Maintenance cost planning. We teach our clients to expect the unexpected. We advise them to anticipate maintenance expenses equivalent to approximately two months’ worth of rent per year. As a result of planning for these expenses, costs for repairs won’t be that overwhelming when the need arrives.
- Plan on things breaking. Appliances, faucets, water heaters, heating and air conditioning units—nothing lasts forever.
- Tenant turnover. Make sure your tenants are happy. If you do, then they may extend their stay in your property. But no matter how happy they are, they will eventually leave because situations change. Tenants may purchase their own home. They may move due to employment or schooling changes. Others simply outgrow the home.
- Plan to repeat the process. Each time a tenant leaves, you need to prepare your Raleigh investment property again to welcome a new one. The costs can vary, but might include new paint, new carpet, bringing the home up to code if necessary, and making any repairs needed as a result of normal wear and tear.
As the common saying goes, “If you fail to plan, you plan to fail.” Don’t have failing as part of your rental property investment plan. Plan your maintenance costs beforehand. Be proactive about issues. Planning can lead you to the road of success in real estate investing.
Would you like to learn more about our Raleigh property management services? Please contact us for more information.