What to Do When a Rental Property Needs Repairs
By [http://ezinearticles.com/?expert=C_O_Manahan]C O Manahan
So you've purchased your rental property; you've done your homework; the property may not be local but the figures stack up. In other words the rent is paying the mortgage. Which is all very well until it needs repairing and it is over an hour away.
First of all, when buying your property, make sure it is in very good condition, but all properties will need repairs sooner or later.
It is false economy to ignore these repairs just because the property value is in decline or worse still you're in negative equity. I actually overheard a landlord attempt to use this logic to avoid doing basic repairs to their rental apartment.
Ultimately, you need to look after your property because hopefully it will look after you as an investment in later years. Look after your tenants too as they are paying your mortgage.
It has been my experience that if landlords keep their properties in good repair then the tenants will respect the property and do their bit to help with the upkeep.
If, on the other hand you are from the Scrooge school of real estate maintenance, then you will encourage a bah humbug attitude in your tenants too.
If you are qualified, able or willing to carry out property repairs yourself you'll save a small fortune. However, if your property is in a different area to where you live it might be advisable to have a maintenance contract with someone who will cover all your plumbing, central heating, electrics, drains and decorating.
Make sure your tenants know not to call you out for maintenance issues that are not your responsibility, for example a blocked toilet or a bath plug that is leaking and needs replacing. I've had tenants call me to change a light bulb in the past!
Using a property management company or letting agent is also a worthwhile consideration as they will look after any repair and maintenance issues for you. The fee they charge can be a small price to pay for peace of mind.
However, unless you get a reputable agent you can be left with inflated repair bills, unnecessary repairs/replacements and not doing regular property inspections.
For essential works you could always used rated trades people local to where your rental property is situated.
Tenants of mine did actually manage to flood the place once. It was Christmas, and the property was two hours away. Thankfully, I had the number of a local plumber who sorted the problem out right away.
In fact he happens to be a very good plumber who can turn his hand to anything. He has done decorating for me, rubbish removal and plastering. He is also a qualified electrician and can fix most appliances.
Make sure you have a reliable repair man (or woman). Look after them and pay them straight away and your rental property needs will be taken care of.
Find out how you can manage issues like repair of your rental property at http://www.realestate-rental.com/
Article Source: [http://EzineArticles.com/?What-to-Do-When-a-Rental-Property-Needs-Repairs&id=7453296] What to Do When a Rental Property Needs Repairs