Investing in real estate comes with responsibilities and costs. Whether you live in a house or rent it out, you will sometimes face maintenance issues.
These costs can impact your return on investment or the value of the property. Leave a problem too long and you can be faced with big repair bills. No matter how you invest in real estate, you need to know when to repair and when to replace.
This guide will help you master some common maintenance issues. You will know what to look for when appraising your property or a property you intend to purchase. Keep reading if you want to maintain your investment and take care of your money.
Start with the roof
The biggest, most expensive and time-consuming job is replacing the roof. The simple repair of a roof can be both disruptive and costly. Poorly maintained roofs can cause damage to the interior of a building, right down to the foundation.
Your roof’s primary job is weather protection, and water damage wreaks havoc on any building. Perform a regular roof inspection helps you stop problems sooner, saving you money. Check for missing tiles and areas where water collects rather than drains.
Also consider the seasons and your local weather. Inspect your roof yourself or have it done by a professional before a rainy period or a harsh winter.
Inspect the outdoor space
Soil maintenance is important to stay on top. Take a few small cracks in the asphalt or concrete, add rain followed by frost, and you might find a canyon in your driveway one morning.
Solving this level of problem is too much for most people. Laying concrete and leveling it is no small feat. Hire professionals like this concrete floor repair company. They have decades of experience repairing concrete floors. Their professionally finished product can add to the value of your property.
Many owners overlook the fact that their property is more than the building. The plot on which the building is located is also your responsibility. The impact that the appearance of your outdoor space can have on property value is significant.
Enter and go up and down
Interior space can hide problems from you. When you look around, watch closely for signs of water damage or dampness. Moisture can create all sorts of problems if it gets in the wrong place.
Water is your biggest enemy as an owner. It could be the weather or the plumbing. If left undetected, even a small, slow drop can cause a lot of damage over time. Look for dark spots on the wall, especially in corners of rooms or near plumbing.
Start under your roof and work your way down through all the buildings on your property. Keep your eyes peeled for any obvious signs of damage or disrepair, but look carefully for wet spots.
You need to go as deep as possible and inspect any basement or cellar. Water damage here can affect the structure of a building. Call a professional if you see anything suspicious or sag there.
Windows, doors and floors
Checking your doors and windows is important for several reasons. When renting a property, you may be required to carry out this maintenance. This may be for local fire codes or property ordinances.
Windows and doors are also a way for weather and water damage to affect parts of your property. Look for damage to doors and windows themselves, as well as their managers. Door and window frames can be a place where moisture collects if you have a leak somewhere in a crawl space.
Your property’s flooring should also be checked, but only briefly. Look for damage severe enough to require repair or replacement.
Perform a systems check
Every building has a set of systems that are an integral part of its structure and that it needs to function. Electrical and plumbing systems are two obvious candidates. You should also check and maintain heating, ventilation, and air conditioning (HVAC) systems.
Without these different operating systems, your property will not be a pleasant place to live or work. If you have tenants in a rental property, you may have a legal obligation to fix any problem, no matter the cost.
Keeping problems under control and resolving them will prevent you from being caught off guard by large bills for heating or electrical system repairs. If you have a problem with any of these systems, it’s worth calling in a trained professional.
Real estate can be one of the best investments you can make. Whether it’s a house you live in or a commercial property you rent out; buildings and land can provide a great return on investment. Improper maintenance can steal your profits, use this guide to protect your investment.