Many investors spend a lot of time reviewing what they’re earning on their Irvine investment property.
You also need to be focused on what you’re willing to spend.
Investing money in your Irvine rental property is worth your resources. Not only will you protect the condition and the value of your investment property, you’ll also increase its rental value and attract the best tenants on the market.
You’ve heard the saying “it takes money to make money.” This is especially true when we’re talking about maintaining and even improving your property.
Let’s talk about why you should invest in routine repairs, preventative maintenance, and even updates and renovations.
Routine Repairs Reduce Emergency Expenses
No one wants a phone call in the middle of the night from a tenant who is reporting a major flood in their rental home. The repair will be expensive.
You can reduce those emergency maintenance issues by taking care of small repairs as quickly as possible. If a tenant reports a slow leak in a bathroom sink or moisture around a tub, don’t wait for the minor plumbing issue to turn into a middle-of-the-nigh flood.
Emergency repairs cost more and they’re frustrating. If you take care of small problems right away, you’re avoiding deferred maintenance and the expensive issues that often come with it. When a tenant makes a minor and seemingly unnecessary repair request, be responsive. You might save yourself money.
Preventative Maintenance is an Investment in Your Irvine Rental Property
Preventative maintenance is just important as routine maintenance. It protects your property, serves the needs of your tenants, and allows you to extend the lifespan and functionality of your most expensive systems.
Think about your HVAC. In an Irvine rental property, you likely have tenants running both the air conditioning and the heat throughout the year. Have that system inspected every year by a professional HVAC tech. You’ll avoid those expensive repair requests when the system breaks down, you’ll have a set of trained eyes looking for potential problems, and you’ll ensure that it’s running efficiently and effectively.
Investing the $300 or so in an annual inspection will more than pay for itself when you don’t have to replace an air conditioning unit or a furnace.
Invest in Upgrades and Improvements for Your Irvine Property
Maintenance is required in order to provide a safe and habitable property.
Renovations and improvements are not required, but they are worth your investment.
When you make upgrades and updates, you keep your home modern and attractive to tenants. You increase the amount of rent you’re able to charge and you also bring up the value of your property. Some of the best renovations you can make are fairly cost-effective. Consider:
- Installing new appliances when those currently in place begin to look old or worn. Energy-efficient models are preferred, and make sure all the kitchen appliances match.
- Replacing carpet with new carpet or hard surface flooring. Hard floors are preferred by tenants because they’re easier to maintain and healthier (they don’t trap dirt, dust, and allergens).
- Provide better lighting inside and outside the home.
- Repaint the home between tenants.
- Install new fixtures like faucets, cabinet pulls, and sinks. Try a backsplash in the kitchen.
These things don’t cost as much as renovating an entire kitchen or adding a bedroom. Be smart about your improvements and invest in the things that tenants most appreciate.
If you’d like to talk more about the importance of investing money into the care and upkeep of your Irvine rental home, please contact us at HCM Property Management. We’d be happy to work with you on setting some priorities.