What do Property Managers Advise for Rental Expenses?
In addition to making sure you have a competent property manager, limiting vacancy and screening the right tenants, you also have to allow for repairs and maintenance on your rental home.
What amount should you be saving?
Most property managers recommend saving 1-3% of the property value for maintenance. Of course expenses vary from year to year. Some years will use leftover funds from the prior year and can help with big expenses. If you are consistent in funding your repair account, you will be prepared for the unexpected larger expenses.
If you can, have your property inspected periodically, either by a property manager or licensed home inspector, so you know what large ticket items may be on the horizon like roof repairs, HVAC or new appliances.
Keeping items repaired and maintained will keep small things from turning into a larger expense. Schedule fall and spring checks for all appropriate items like HVAC, gutters, appliances, structural items, wood rot, etc.
This type of maintenance can be taken care of by a good property manager. Be sure to discuss a maintenance program with them so that you aren't taken by surprise by large unexpected repair bills. For more information visit www.rentkcnow.com