Did you ever have random unexpected rental property costs pop up as you tried to move someone into one of your rental property locations in Atlanta? Prepping yourself for the numerous unexpected rental property costs that may arise could help you plan and provide a better estimate in terms of move-in times and budget the funds you have to set aside for your investment. The following will elaborate on the many elements that we have found that may come up when you are attempting to start up your property investment:
Cleaning can result in some hefty unexpected rental property costs both directly and indirectly. You have to put yourself in the renter’s shoes in order to make the right decision about cleaning expectations. Would you move into the property you are renting out? Asking yourself this question can help you figure out if it is a place clean enough that you would trust your own family to live in. If renters move in and see a home isn’t cleaned well, it might lead to a negative first impression about you as an owner and of the property itself. They might request that certain demands be met, or they might leave it as it is but treat the property with less care and respect as they are only adding to the value of the property that they first perceived it to be, which can lead to damages like dirty or stained floors, pest problems, and additional unexpected rental property costs.
You would have two decisions to make in order to solve the cleaning cost. You can get a professional cleaning service that can help with all the deep cleaning and ensure that everything is in order before your tenants move in. Another decision you can make is to do the cleaning yourself. However, cleaning is laborious and expensive in getting the right equipment and materials. Moreover, your efforts as a property owner in Atlanta are better spent in other areas where a higher time value would be present.
Do a home evaluation to ensure safety for the tenants. Mold can be dangerous, cause health problems, reproduce quickly, and cause damages to the home, which can drive up unexpected rental property costs if it is not properly handled. The key to finding mold is finding where it has a tendency to show up – in areas of excessive moisture. Perform a thorough evaluation and look for areas that have low air circulation, high humidity, and leaking pipes or appliances and find the dark spots or wet areas. You could also hire a professional to do thermal imaging to find the high moisture spots or to gather an air quality sample.
The key to preventing mold costs in Atlanta is moisture control. Instruct tenants to run the bathroom fan after they take a shower to ensure proper ventilation. Make sure leaky faucets and pipes are quickly 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 should also be considered, which you can read more about here.
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 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 signal that there is something that requires attention to upkeep your home for long-term use.
If structural damage isn’t attended to, it can be enormously expensive as the home may deteriorate or diminish. Before a tenant 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 accumulate over time.
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