When it comes to rental property maintenance, there are a lot of myths and misconceptions out there. As a result, many landlords end up making avoidable mistakes that cost them time and money.
To help you separate fact from fiction, we’ve debunked some of the most common rental property maintenance myths:
Myth 1: DIY Is Always Cheaper
While it’s true that you can save some money by doing things yourself, it’s not always the smartest choice. If you don’t have the time or skills to do a good job, you could end up spending more in the long run to fix your mistakes.
It’s also important to consider the opportunity cost of your time. If you could be making money in another way, is it worth your while to try and save a few dollars on maintenance?
Myth 2: Tenants Are Responsible For All Repairs
While tenants are generally responsible for taking care of minor repairs, landlords are usually on the hook for major issues like plumbing or electrical problems. Make sure you understand your responsibilities before you sign a lease agreement.
Myth 3: Preventative Maintenance Is A Waste Of Time
It may seem like a waste of time (and money) to do things like clean the gutters or change the air filter when nothing is broken. But trust us, preventative maintenance can save you a lot of headaches (and money) down the road.
By taking care of small problems before they become big problems, you can avoid costly repairs and significantly extend the life of your rental property.
Myth 4: You Don’t Need Insurance For Maintenance Issues
If you don’t have insurance for your rental property, you could be setting yourself up for a major financial disaster. Even if you have the best tenants in the world, things can (and do) go wrong. From fires and floods to theft and vandalism, countless risks come with being a landlord.
Having adequate insurance coverage will help you protect your investment and ensure that you’re able to make any necessary repairs without going into debt.
Myth 5: Maintenance Requests Are Always Legitimate
Just because a tenant makes a maintenance request doesn’t mean it’s legitimate. Before you commit to making any repairs, always inspect the problem yourself to determine if it’s something that needs to be fixed.
If you find that the tenant is responsible for the damage (e.g., they left a window open in the middle of winter and the pipes froze), you can charge them for the repairs instead of footing the bill yourself.
Myth 6: Security Deposits Don’t Cover Everything
While it’s true that security deposits can’t be used for everything, they do cover a lot more than most landlords realize. In most states, security deposits can be used for things like cleaning, damages, and missed rent.
Before you start making repairs, always check your lease agreement to see what is (and isn’t) covered by the security deposit.
Don’t believe everything you hear about rental property maintenance – there are a lot of myths out there! By Separating fact from fiction, you can avoid costly mistakes and keep your investment in good shape.