Have you ever had random unexpected rental property costs pop up while trying to move someone into one of your rental properties in Southern Maryland? Having yourself properly prepared for the various unexpected rental property costs that may arise can aid you in planning and providing a better estimate in terms of move-in times and budget the funds needed for your investment. The following will explain the different elements that we have found that could come up when you are attempting to start up your property investment:
Cleaning can result in 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 cleaning expectations. Ask yourself if you would move into your rental property. Asking yourself this question can help you resolve whether the place is sufficiently clean that you would trust your own family to live in. If tenants move in and see that a home isn’t properly cleaned, it can lead to a negative impression about you as an owner and of the property itself. They might request that certain requirements be met, or they might leave it as it is but treat the property with less care and respect as they are only contributing to the value of the property that they initially 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, there are two decisions you would have to make. You could get a professional cleaning service that helps 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 correct equipment and materials. Additionally, your efforts as a property owner in Southern Maryland can be better spent in other areas where a higher time value would be present.
Do a home assessment to guarantee safety for the tenants. Mold can be dangerous, cause health issues, reproduce rapidly, and cause damages to the home, which can drive up unexpected rental property costs if it is not handled well. The key to finding mold is locating where it tends to produce – in spaces with 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. You could also hire a specialist to do thermal imaging to find the high moisture spots or to take an air quality sample.
The key to avoiding mold costs in Southern Maryland is moisture control. Instruct tenants to turn on the bathroom fan every shower to ensure proper ventilation. Make sure leaky faucets and pipes are immediately fixed. You can also make sure your gutters are cleared and the water drains are directed away from the house to maintain 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 door frames can also be 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 needs fixing to preserve your home for long-term use.
If structural damage isn’t attended to, it can be very costly as the home may deteriorate or diminish. Before a tenant moves in, checking for structural damage can be effective in ensuring your investment holds its quality. It is advised that the sooner you repair something, the better, as unexpected rental property costs can add up over time.