Keeping your property in good conditions is one of the most fundamental responsibilities of a rental property owner. You need a safe and habitable place for your tenants to live, and you also need to protect the condition and value of your asset.
Always avoid deferred maintenance.
Deferred maintenance describes postponing repairs that are needed at a property, leading to more severe (and expensive) problems later on.
While it may seem like postponing maintenance or repairs saves you money in the short term, this is not always the case. The impact of deferred maintenance on your rental property can be pretty substantial, and leaving repairs to fester will always cost you more money in the long run.
Deferred Maintenance Leads to Higher Repair Costs
Deferring maintenance on your Phenix City rental property will essentially set it up for more expensive repairs as the problem worsens. Here’s an example: a small roof leak or water damage that would have easily been fixed at a lower cost will likely turn into significant structural damage when it’s not addressed right away. A plumbing issue that could have been resolved quickly and cheaply could lead to water damage, mold, and a higher-than-expected bill for repairing the damage caused.
We have seen it happen to many landlords who thought they were saving money by putting off something minor: deferred maintenance leads to more significant repairs and higher maintenance costs.
Lower Phenix City Rental Property Value
A well-maintained rental property retains its value and attracts tenants, allowing you to earn higher rental prices. But, a property in disrepair can be challenging to rent out. You’ll have longer vacancies and you’ll ultimately need to lower your rents. It’s not just about rental value; a lower property value is a blow to any owner who eventually wants to sell the property.
Shorter Lifespan of Property Systems and Functions
Your HVAC system, your appliances, your water heater, and your roof…all of these things have a given lifespan, and proper maintenance can prolong it.
If you replace the furnace filter and service the heating and cooling unit annually, you’ll extend the lifespan of your HVAC. But, if you fail to maintain these systems and avoid the maintenance that’s needed, you’ll find there are more frequent breakdowns, which shortens the lifespan of these features.
Tenant Retention and Deferred Maintenance
Maintaining your rental property doesn’t only benefit the property itself, but also your tenants.
A well-maintained property ensures the health and safety of the tenants, making them feel secure and comfortable. Tenants will notice deferred maintenance and the way it leads to issues like plumbing problems, pests, and deterioration. This will chase tenants away from your property. Tenant turnover is expensive and best avoided.
As a Phenix property management expert, we don’t like deferred maintenance because we’ve seen the chaos it can cause. Keep your rental property well-maintained to attract and retain tenants, maintain its value, and avoid expensive repairs.
Deferred maintenance may seem like a cost-saving solution in the moment, but it leads to more expensive repairs, decreased property value, a shorter lifespan for property features.
It’s smart to perform regular maintenance and repairs to preserve the property, enhance its value, and keep your tenants satisfied. If you need help with Phenix City property management or maintenance in your Columbus rental property, please contact our team at Bickerstaff Parham Property Management.