With the rental market in Albuquerque, New Mexico being more than 15,000 units short, now is a great time to invest in a rental property. New jobs are constantly being brought into the city and with new jobs comes a fresh, untapped market. The demand for rentals is high and your property won't stay vacant for long.
For new landlords, keeping up with a rental can be a daunting task, especially if you don't live near your rental property, or if you find yourself constantly fixing property damage. Common property maintenance mistakes can cost you time and money, especially if you don't know about them in advance.
Continue reading this quick guide to see if you are making any of the 5 most common maintenance mistakes and how to steer clear of them.
1. Putting off Maintenance
Regular property maintenance is necessary with the upkeep of your property. What may seem like small issues, like a leaky faucet, could turn into bigger issues down the line.
Your renters also want to know that they are living in a clean, well-kept apartment or home. If you are slow to respond to repairs for your properties, they may lose faith in you as a landlord and search elsewhere.
Landlords in New Mexico are required to provide a safe and habitable living space and you could be sued if you don't follow the law.
2. Not Keeping to a Property Maintenance Budget
Budgeting for your property is important. Ideally, you would want a yearly or monthly budget already established based on previous repairs, known issues, and potential expiration dates of products in the house.
Air conditioners are expensive and needed during the hot summer months in Albuquerque. An older unit could have problems that might turn costly if you aren't prepared budget-wise.
3. Lack of Regular Inspections
While you may trust your tenants, regular inspection of the home, including the roof, windows, plumbing, and floor should take place. Over time items like carpet will take on wear-and-tear or window seals might fail or break.
During certain months of the year, property repair contractors are busy and could take several weeks before they can come to fix property issues. A property management company could be a good investment as they make regular inspections for you.
4. Try to Do Everything Themselves
Between how-to videos and blogs, almost any rental problem has a provided resource. Some things might be easy to fix, while others should only be taken care of by a professional.
If you are uncertain whether or not you can fix the problem yourself, you should turn it over to a licensed contractor.
5. Letting the Tenant Take Care of Repairs
Your tenant may convince you that a friend, family member, or themselves can take care of repairs. This could be problematic if they attempt something they have no background in.
Hiring screened and skilled workers will help you dodge future complications.
Avoid Your Property Maintenance Mistakes
Now that you know the most common property maintenance mistakes that landlords make, you can learn to circumvent them. You and your rental property deserve it.
If you are ready to work with a property management company in Albuquerque, New Mexico to keep your rental at high quality, contact us today. We are just a phone call away from being the eyes and ears you need to keep your investment safe.