Property maintenance on homes averages between 1% to 4% of the total value.
As a property owner, keeping maintenance costs down is important to your bottom line. Property maintenance can become a thorn in your side that ruins the financial return of your investment. This may leave you wondering what you can do to reduce these expenses.
Let’s take a look at how to keep the cost of maintenance down for a property owner.
As a property owner, here are the types of maintenance you can expect to spend money on:
There are others, but these will be the largest areas that cost you money every year.
There’s no way to avoid maintenance, not if you want to keep your property functioning. The better the look and upkeep of a property, the more money it can bring in. This is why maintenance is so important.
There are some things you can do to lower the cost of maintenance. A lot of your savings will depend on how involved you can be. If you don’t have the time or skills to be involved in maintenance, you will have difficulty lowering the cost.
Here are a few of the ways you can reduce your annual maintenance budget:
- DIY painting projects
- Do the mowing and trimming yourself
- Use contractors only in emergencies
- Get appliances with long-term warranties
There are other things you can do, but these alone will provide considerable savings.
Every time you have to hire a contractor to do a job, you can expect to pay a premium. There are some areas, such as electrical maintenance, that you need contractors for. For everything else, the less qualified and certified a person is, the less they will cost.
This means that you can replace contractors by using a property maintenance company. Professional handymen are one way to do this with routine maintenance. Hiring and retaining staff can get expensive, but it is less expensive than hiring professional contractors.
There are other options on the table that can help you reduce your expenditures. A property management group is one solution to the problem. They do this by having relationships with local contractors and handy services, which helps lower costs.
They will also be able to streamline the process and set up budgets for maintenance. You can review these options and property maintenance services at any time. This will help you plan for the future by having a reliable and consistent property maintenance budget.
They may also use property maintenance software to track maintenance and spending goals. Having a professional organization on your side can make a large difference in your maintenance budget.
As a property owner, there’s no way around property maintenance. Reducing the amount it costs yearly is one of the best ways to make more money. Failing to do so can lead to stagnant investments or even loss on investments.
If you’re ready to take control and lower your property maintenance expenses, contact us.