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Unexpected Start-up Costs for Your Investment

unexpected rental property costs

Have you ever had random unexpected rental property costs pop up while trying to move someone into one of your rental property locations? Having yourself properly prepared for the various unexpected rental property costs that may arise can help you plan and provide a better estimate in terms of move-in times and budget the funds you need to set aside for your investment. The following will explain the various elements that we have found that may come up when you are attempting to start-up your property investment:

Cleaning

Cleaning can drive some hefty unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to make the right decision about cleaning expectations. Ask yourself if you would move into the property you are renting. Asking yourself this question can help you determine if it would be a place that is clean enough that you would trust your own family to live in. If renters move in and see that a home isn’t properly cleaned, it can lead to an initial bad impression about you as an owner and of the property itself. They might request that certain demands be met, or they might leave things as they are but treat the property with less care and respect as they are only contributing to the value of the property that they originally perceived it to be which can lead to damages like dirty or stained floors, pest problems, and more unexpected rental property costs.

To solve the cleaning cost, you have two decisions. You could hire a professional cleaning service that can help with all the deep cleaning and ensure that everything is in order before you move in your residents. Another decision you can make is to do the cleaning yourself. However, cleaning can be timely and expensive in finding the right equipment and materials.

Home Assessment

Perform a home assessment to ensure proper safety for the residents. Mold can be dangerous, cause health problems, and reproduce rapidly and cause damages to the home which can drive unexpected rental property costs if it is not properly handled. The key to finding mold is to begin by looking at areas with excessive moisture. Do a thorough assessment and look for areas that have low air circulation and high humidity, leaking pipes or appliances, or areas that are currently wet or have dark spotting. You could also hire a professional to do thermal imaging to find the high moisture spots or to take an air quality sample.

The key to avoiding mold costs is moisture control. Tell residents to run the bathroom fan after you take a shower to ensure proper ventilation. Make sure leaky faucets and pipes are immediately attended to. You can also make sure your gutters are cleaned out and the water drains are directed away from the house to maintain the foundation. Fire hazards can also be another topic of consideration which you can read more about here.

Structural Damage

Structural damage is anything that can affect the long-term structure/core of the home. This includes the foundation, roof, and support beams/walls. Windows and door frames can also indicate 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 all indicate if there is something that needs to be attended to upkeep your home for long-term use.

If structural damage isn’t attended to, it can be enormously costly as the home may deteriorate or diminish. Before a resident moves in, checking for structural damage can be effective in ensuring your investment maintains its quality. It is advised that the sooner you repair something, the better as unexpected rental property costs can add up over time.

If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!

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