Have you ever gotten random unexpected rental property costs as you have tried to move someone into one of your rental property locations in Ocala? Prepping yourself properly for the various unexpected rental property costs that may arise can help you plan and provide a better estimate in terms of move-in times and budget the funds you need to prepare for your investment. The following will expound on the various elements that we have found that can come up when you are attempting to start up your property investment.
Cleaning the Property
Cleaning can drive up some substantial unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to come to the right decision about cleaning expectations. Would you want to live in the home you are renting out? Asking yourself this question can help you decide if it would be a place that is clean enough that you would trust your own family to live in. If tenants move in and see that a home isn’t well cleaned, it can result in a bad initial impression about you as an owner and of the property itself. They might request that certain requirements be met, or they might leave it as it is but treat the property with less care and respect as they are only contributing to the value of the property that they originally perceived it to be, which can result in damages like dirty or stained floors, pest problems, and other unexpected rental property costs.
To solve the cleaning cost, you will have to make two decisions. You could hire a professional cleaning service that can assist in 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 can be time-consuming and expensive in getting the right equipment and materials. Furthermore, your efforts as a property owner in Ocala could be better spent in other areas with a higher time value present.
Do a home evaluation to ensure the safety of the tenants. Mold can be dangerous, cause health problems, reproduce rapidly, and cause damages to the home, which can lead to unexpected rental property costs if it is not properly handled. The key to locating mold is finding where it tends to produce – in areas of excess moisture. Do a thorough evaluation and search for areas that have low air circulation, high humidity, and leaking pipes or appliances and find the dark spots or wet areas. You can also get a professional to do thermal imaging to find the high moisture spots or to take an air quality sample.
The key to preventing mold costs in Ocala is moisture control. Tell tenants to run the bathroom fan after showering to ensure proper ventilation. Make sure leaky faucets and pipes are quickly attended to. Also, make sure the gutters are cleaned out and the water drains are directed away from the house to maintain the foundation. Fire hazards are also another hazard you may want to consider.
Structural Damage Repairs
Structural damage is anything that can affect the long-term structure/core of the property. This includes the foundation, roof, and support beams/walls. Windows and door frames can also be signals of 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 indicate that there is something that needs immediate care in order to maintain your home for long-term use.
If structural damage isn’t attended to, 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.