Most people have no idea how much it costs to have a rental property. Like homeowner, landlords have a range of different monthly and yearly cost to pay for such as insurance, mortgage, management fees, and taxes just to say a few. Most landlords are trying to save as much money as possible every month because each dollar saved is a dollar earned. One way some landlords or property managers might cut cost is to spend less on maintenance, a practice called deferred maintenance. Deferred maintenance is when one postpones maintenance such as equipment repairs in order to save money. However, by not conducting such repairs one risks leading their property into further deterioration which could lead to higher costs in the future.
According to research conducted in regards to maintaining schools, every $1 deferred maintenance costs about $4 of capital renewal needs in the future. This is because when one conducts less preventive maintenance it shortens the equipment’s use by as much as 33%. In addition less preventive maintenance often leads to more expensive emergency repairs (source). Therefore as a property landlord or manager you need to make sure you are maintaining your property on an ongoing basis because what is the point of making 1 dollar today if you’re going to need to spend 4 dollars tomorrow.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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