In a recent survey by Buildium, 62 percent of landlords said that property maintenance was their biggest pain point. Yet, many landlords and rental property owners (particularly those who have financed their rental property) will admit that regular and meticulous property maintenance is crucial to maximizing the returns on their investment- and keeping tenants in rental homes. Regular maintenance of your rental property’s exterior not only maintains the building’s value but is also essential to keeping your building safe and up to code. However, many are discouraged by the costs that come with regular exterior maintenance. In fact, 45 percent of homeowners underestimate the cost of home maintenance.
Exterior vs. Interior Home Maintenance Budget
Most experts recommend budgeting 1 to 4 percent for maintenance costs every year. However, it is also helpful to go a step further and split this into separate budgets for your property’s interior and exterior maintenance. A good way to approach this is to rely on recent estimates for standard maintenance costs from published quotes or estimates online. For instance, you can easily secure a quote from a gutter cleaning company for the cost of cleaning your gutters twice yearly. According to estimates from Porch, the average annual maintenance spend is $9820 annually. However, based on estimates given by Homelight, the average cost of an exterior paint job averages between $1.50 and $4 per square foot. Homeowners can also use the square footage rule to help them budget for their annual exterior maintenance needs.
Clarify Your Property Upkeep Obligations According To State
Each landlord will have a legal obligation to upkeep the exterior and interior maintenance on their rental property. This is referred to as a duty of repairs and maintenance and means that the landlord is expected to conduct regular repairs to keep a property habitable, even while tenants are living there. It is also recommended that you consult with the current state legislation on landlord city and tenant rights for repairs. For instance, in New York landlords are expected to maintain the electrical, plumbing, sanitary, and ventilation systems. Meanwhile, The Alaska Landlord and Tenant Act stipulates that landlords have 10 days to rectify issues and make the property habitable.
Keep On Top Of Maintenance By Hiring A Property Manager
The regular maintenance and time commitment required for landlords can be a major deterrent for those wishing to invest in rental properties. With over 6 in 10 landlords saying property maintenance can take up most of their time, it is easy to see how managing a rental property can quickly turn into a full-time job (or become overwhelming). If you feel like you are approaching that stage or the idea of managing your rental property’s year-round maintenance needs seems overwhelming, it may be time to hire a property manager.
Hiring a property manager can help you stay on top of the exterior maintenance for your property as the seasons change and ensure advanced preparations are done. Some other signs it may be time to hire a property manager include a lack of experience managing properties and the amount of time you can dedicate to the upkeep of a property, including maintenance of the exterior.
Remember that the exterior maintenance needs can be fluid and ever-changing. However, by focusing on these 3 points, you are your way to keeping the exterior of your rental property in top shape.