Updated: Jun 16
Being a landlord is tough. You’re going to be swamped with several responsibilities and tasks every single day. If anything breaks down, you're the only person responsible for solving the problem. Your mortgage lender, realtor, and people on the internet, may have told you that it's imperative to keep your home well-maintained.
But why is that?
While it may seem tedious, ignoring apt care can have detrimental repercussions. To ensure you don't run into serious problems down the road, here are some of the most prominent reasons you should ensure your property is in top condition.
1. Prevention is Better
According to these New York property managers routine maintenance is important. It's a lot better than emergency repairs since not only are periodic repairs less costly, but they also keep your house safe. While it's true that its maintenance will take up a small chunk of your monthly income, you end up saving a lot in the long run. According to the book "Money: The Missing Manual," for every dollar you spend on periodic maintenance for your home, you save a whopping $100 in future damages.
That's because you're taking care of small problems as they arise, be it a clogged drain or a dirty filter. If you ignore these damages, they can go on to become hefty expenditures in the long run (a burst pipe or a burnt HVAC motor).
2. It Helps Your Home Run Efficiently
The worst part of maintenance is its inherent nature: it's just maintenance. You're repeating the same task repeatedly, and you often do it to upkeep the working elements of your house. It's a lot like sweeping your bedroom's floor every day. You have to do it often to keep it clean. If you didn't, imagine what your floor would look like!
Now think how often you unclog your toilet or clean the dishwasher's filter - possibly not as often you clean your bedroom's floor, right? Yet you use them as often as you use your bedroom's floor. Just like you need to continue sweeping the floor to ensure it stays usable, you'll have to maintain every other element in your home to ensure it stays usable.
When you don't, you have a home that becomes less efficient with time. When you don't clean the filter, you'll have to pay for more electricity or gas since the HVAC system will have to work harder to heat or cool the air in your house.
3. It Increases Your House's Value
When you drive a new car out of the showroom, it immediately loses some of its value. This number continues to go down as you drive your car around. However, the same rule doesn't apply to a house. The longer you own a home, the higher its value gets. Of course, a home's value does have a lot to do with the market you're in and not solely on how well you maintain your house. But by ensuring proper upkeep, you can increase your home's value.
But how will that work?
Well, if you decided to put your home up for sale tomorrow and you hadn't mended the broken appliances and systems, your home's inspection report will show whether your proprty has problems. In a buyer's market, potential owners may want a discounted price depending on the condition of their home. They may also ask you to repair or replace the broken elements so they may stay trouble-free in the future.
On the other hand, if you had maintained the appliances and the systems as per the manufacturer's instructions, the inspection would find fewer problems.
The worst decision a landlord can make is to ignore the problems that come up and postpone upkeeps. Avoiding your problems won't make them go away. Instead, they'll sit there and grow, day by day, until they become unavoidable reasons to break the bank. So to save your establishment, remove all unwanted items and clean working parts regularly.
You'll see an elaborate difference!