Estimate what it will cost you to the maintain the property over the long run and factor that into your rent. A hot water heater can set you back hundreds of dollars if you haven’t saved a little extra for that purpose.
- Schedule regular annual pest inspections and vent/screen cleaning and furnace inspections. These can save you money over the long run.
- ALWAYS do an inspection checklist before a tenant moves in and after he leaves. Be sure your damage deposit is enough to cover basic and common expenses you might run into.
- Look for water leaks. Water going into walls or ceilings can cause mold problems that can be dangerous as well as expensive.
- Test smoke and carbon monoxide detectors regularly and change the batteries as needed.
- Carefully examine bathroom tiles and kitchen sinks for built up damage, missing tiles or cracked grout. Fix them immediately.
- Keep up the landscape. It improves property values and helps make tenants respect the property.