Have you ever had random unexpected rental property costs pop up as you have tried moving someone into one of your rental property locations in Baton Rouge? Being prepared for the numerous unexpected rental property costs that may arise can help you plan and give a better estimate in terms of move-in times and budget the funds you need to reserve for your investment. The following will explain the various elements that we have found that may come up when you are trying to start up your property investment:
Cleaning can drive up some substantial unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes 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 determine if it would be a place that is adequately clean that you would trust your own family to live in. If renters move in and observe that a home isn’t properly cleaned, it can lead to a bad first impression about you as an owner and of the property itself. They may request that specific demands be met, or they might leave it as it is but treat the property with less care and respect as they are just contributing to the value of the property that they originally perceived it to be, which can lead to damages like dirty or stained floors, pest issues, and more unexpected rental property costs.
To solve the cleaning cost, you would have two decisions to make. You can hire a professional cleaning service to help with all the deep cleaning and make sure that everything is in order before your tenants move in. Another decision you can make is to do the cleaning yourself. However, cleaning can be time-consuming and expensive in finding the correct equipment and materials. Additionally, your efforts as a property owner in Baton Rouge could be better spent in other matters where a higher time value is present.
Conduct a home inspection to ensure safety for the tenants. Mold can be dangerous, cause health problems, reproduce quickly, and cause damages to the home, which can lead to unexpected rental property costs if not properly handled. The key to finding mold is locating where it tends to produce – in areas of excessive moisture. Do a comprehensive inspection and look for areas that have low air circulation, high humidity, and leaking pipes or appliances and locate the dark spots or wet areas. You can also hire a professional to do thermal imaging to find the high moisture spots or to take an air quality sample.
The secret to preventing mold costs in Baton Rouge is moisture control. Instruct tenants to run the bathroom fan after taking a shower to ensure proper ventilation. Make sure leaky faucets and pipes are immediately 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 are also another thing to consider, 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 doorframes can also show 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 be indicators if there is something that requires attention to maintain your home for long-term use.
If structural damage isn’t handled, it can be enormously costly as the home may deteriorate or diminish. Before a tenant moves in, checking for structural damage can be useful in ensuring your investment maintains its quality. It is advised that the sooner you repair something, the better, as unexpected rental property costs can add up over time.