The Importance of Making Rental Property Repairs

If you want to attract and keep good tenants, then performing maintenance and rental property repairs is a definite no-brainer. The task of renting to good tenants will be much easier if your property is well kept and shows "pride of ownership".

To the contrary, a lack of maintenance and repairs to your property will eventually place it in a dilapidated condition. If this happens, you could be ridiculed by your friends, family members and any remaining tenants as being a "slumlord" who is worthy of being on the FBI's most wanted list. And that’s certainly counterproductive to your well-intentioned efforts of building a respectable and profitable rental property business.

Reasons for Keeping Your Property in Good Condition

Some landlords develop a certain "comfort zone" where maintenance and repair of the property is neglected without the tenants complaining of the situation. As the months pass by, these "silent" tenants continue to pay their rent while the property suffers further disrepair that results from additional lack of maintenance.

The cycle continues every month as the condition of the property continually degrades. Eventually, the "breaking point" is reached with high vacancies and major repair costs needed to bring the property back into good condition.

In addition to preventing the situation described above from happening, other important reasons for making rental property repairs and maintenance include…

• Lower Insurance Premiums - If your property is in a good state of repair and well maintained, then your insurance premiums will be lower. This is because the property will present less of a claim risk to the insurance company for damage or accident coverage that results from age and neglect.
• Attract and Retain Good Tenants - The vast majority of top-notch tenants will normally only consider renting from the supply of well-maintained apartment units. They are wise consumers who expect to receive an attractive and well-maintained apartment for the amount of rent they are charged.
• Reduced Risk of Code Violations - A rental property that does not receive the necessary maintenance or repair work could develop local housing code violations. Until they are fixed, such violations could result in vacancies and/or fines for the landlord. Either way, they'll be costly.
• Prevention of Injuries - Making rental property repairs and performing regular maintenance can certainly prevent hazards that might cause tenants and guests to get injured. Broken stairs or hand railings, faulty light fixtures, etc. could all lead to injuries if not fixed.
• Improved Market Value - It goes without saying that a rental property which is well-maintained will have a higher market value than a similar property that is in a state of disrepair. The well-maintained property will be more competitive with buyers in the real estate market and will stand out above many competing properties.

So, those are the main reasons of why it's important to keep your property in tip-top shape. Take care of your rental property, and it will definitely take care of you!

For more in-depth information about rental property repairs and how to make them, please visit The Landlord's Library book collection. It's the ultimate, one-stop source for practical, comprehensive information on the entire subject of residential landlording.

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