Have you ever had random unexpected rental property costs pop up as you tried to move someone into one of your rental property locations in Raleigh? Getting yourself prepared for the various unexpected rental property costs that may come up can help you plan and provide a better estimate in terms of move-in times and budget the funds you need to prepare for your investment. The following will expound on the various elements that we have found that might come up when you are attempting to start up your property investment.
Cleaning the Property
Cleaning can result in some hefty unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to make the right decision about cleaning expectations. Would you want to live in the home you are renting out? Asking yourself this question will help determine if the 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 properly cleaned, it could lead to a problematic first impression about you as an owner and of the property itself. They may request 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 adding to the value of the property that they originally perceived 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 can get a professional cleaning service that can help with all the deep cleaning and ensure that everything is in order before you move 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. Additionally, your efforts as a property owner in Raleigh are better spent in other areas where a higher time value would be present.
Home Evaluations
Perform a home evaluation to ensure the safety of the tenants. Mold can be dangerous, cause health problems, rapidly reproduce, and cause damages to the home, which can lead to unexpected rental property costs if it is not properly handled. The key to finding mold is locating where it tends to produce – in areas of excessive moisture. Conduct a thorough evaluation and look for areas that have low air circulation, high humidity, and leaking pipes or appliances and search for dark spots or wet areas. Also, you could hire a professional to do thermal imaging to find the high moisture spots or to take an air quality sample.
The key to preventing mold costs in Raleigh is controlling moisture. Tell tenants to switch on the bathroom fan after showers to ensure proper ventilation. Make sure leaky faucets and pipes are handled immediately. You can also make sure your gutters are cleaned out and the water drains are directed away from the house to protect the foundation. Fire hazards can also be another topic of consideration.
Structural Damage Repairs
Structural damage is anything that can affect the long-term structure/core of the home. This includes the foundation, roof, and support beams/walls. Windows and door frames are also indicators of the overall 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 signal that there is something that needs attention to upkeep your property for long-term use.
If structural damage isn’t attended to, it could be enormously costly as the home may deteriorate or diminish. Before a tenant moves in, checking for structural damage can be effective in ensuring your investment retains its quality. It is advised that the sooner you repair something, the better, as unexpected rental property costs can add up over time. Please contact us online or call us at 919-827-1107 for more information.
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