Budgeting for Property Repairs in Central Florida

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Budgeting for Property Repairs in Central Florida – Planning is Key

Web Admin - Tuesday, July 10, 2018

Maintenance will be required at some point, no matter how new your rental property happens to be. Whether it’s a small leak or a new roof, you need to be prepared for those property repairs. Budgeting and planning is essential. You don’t want to be left with an expensive repair and no way to pay for it. Today, we’re sharing some tips on how to plan for those maintenance expenses.

Set Aside Maintenance Reserves

Save a little bit of money from every rental payment for future maintenance needs. Setting aside 10 percent of what you earn every month is a great way to build a maintenance reserve. If your property brings in $1,200 a month, and you’re able to save $120 of that for maintenance, it won’t hurt so much when you have a repair bill that’s a few hundred dollars. Make this part of your budget so you have the funds available when something needs to be fixed.

Service Contracts and Inspections

Preventative maintenance is an excellent way to save on repairs, and it also protects the condition of your home. Get service contracts in place for your appliances, your heating and air conditioning systems, and your landscaping. When an expert is inspecting and servicing these things on an annual basis, you can be sure that small problems are caught while they’re still manageable and inexpensive. Have your gutters cleaned routinely and your roof checked seasonally. Make sure your tenants are changing air filters monthly. While you may have to spend a little bit on these inspections now, it will save you a lot of maintenance money in the long term.

Recruit Great Vendors

Good vendors help you budget for maintenance by providing high quality work and talking about what your property may need in the future. Work with professionals who are licensed and insured and experts in their fields. When you have a plumber at the property to fix a small leak under a sink, ask the vendor to check out your other pipes, faucets, and hoses. This will help you ensure that everything is working properly, and you’ll get an idea of when you’ll have to make a big repair or replacement in the future.

Maintaining a home is one of your most important jobs as a landlord. If you’d like to turn this over to a professional central Florida property management company, contact us at Legends Realty. We’d be happy to tell you how we help our clients budget and plan for maintenance costs.