Did you know that the median price for a single-family home in Texas was $357,388 in the second quarter of 2022? According to the Texas Quarterly Housing Report, that tally is up 19.1% versus the comparable period a year ago.
The same report notes that almost half of the 108,390 homes sold in Texas in 2Q11 were priced at between $200,000 and $399,000.
If you own property in the state or plan to do so sooner rather than later, you’ll have lots to think about. The cost of the home is just one of the costs associated with owning an investment property. You’ll also need to prioritize, among other things, maintenance and repairs. That’s one reason you should consider such costs before determining whether to buy a particular asset. While a home’s price might appear reasonable, you also need to weigh the costs of keeping it in good repair. And those costs can add up if you’re not careful.
One of the primary reasons people invest in real estate is that doing so is one of the best ways to build financial wealth over time. You won’t only get to count on monthly rental income from tenants, but also get to depend on the increasing valuation of your investment property.
Many financially independent people achieve that socio-economic status via an investment strategy that includes buying rental properties. But here’s the thing. If your rental properties aren’t maintained properly, you won’t attract quality tenants or quality tenants won’t stick around for long. If maintenance and repairs are an afterthought, you’ll also see your investment property dip in value. Regarding maintenance, being proactive is vital since preventive maintenance can reduce the need for costly repairs that drain your wallet.
Here’s a look at routine maintenance needed to protect your property investment year-round. Of course, a property manager can be a godsend since it can handle maintenance for you. So, it makes sense to consider the benefits of retaining the services of such a service provider.
Whether your investment property portfolio is a single-family home, an apartment building, or several residential properties, you’ll want to plan a spring cleanup. Depending on the size of the outdoor space, it might be quite the undertaking. You’ll want to rake up any leaves, fertilize the grass, put mulch in flowerbeds, and trim branches and hedges. If tenants are responsible for any or all maintenance of this sort, ensure you follow up to verify compliance.
It’s also essential to inspect the gutters to verify there are no blockages that could lead to backups and water infiltration in your investment property. Keep an eye out for issues with the roof like lifted or missing shingles, assess the foundation of your investment property to see if there’s any pooling water, and clean the home’s exterior to wash away any grime and dirt. You should also check the HVAC unit and plumbing system, and change batteries in carbon monoxide detectors and smoke alarms.
By the time summer rolls around, you’ll be in mowing season mode. You’ll need to do the following:
Summer is also a good time to get any projects underway to improve the value of your property. Are there amenities that neighboring investment properties have that yours doesn’t? You can consider making the sort of improvements that will appeal to the kind of renters you want as tenants. Good contractors always have a waiting list, so book your projects as soon as possible.
If you hire a property manager, you won’t have to worry about tracking down qualified contractors. Property managers have contacts in the contractor sector, so they’ll be able to find reputable contractors and also source the most reasonably priced materials for your projects.
During the fall, you’ll want to prioritize raking up leaves, cleaning the gutters and downspouts, tuning up the HVAC system, inspecting the chimney, and checking doors and windows to ensure there are no drafts. You’ll want to get things ready ahead of the colder winter season.
Winter can be brutal depending on where your investment property is based. If your real estate is in a state that gets lots of snow, you might want to hire a snow removal company that will clear the snow and sidewalks as well as apply salt to make the cleared areas safer. Things will be much easier if your investment property is located with little to no snow.
As you can see, owning an investment property comes with many responsibilities. Perhaps your investment property is a single-family dwelling occupied by tenants who perform much of the on-site duties like cutting and watering the grass. But if you own real estate that requires you to shoulder responsibility for much of the maintenance, you’ll have your work cut out.
It can be hard enough doing maintenance on your primary residence. You might be overwhelmed by also having to shoulder responsibility for maintaining an investment property. The good news is that you don’t have to overload your already busy schedule. Help’s available.
If you need help maintaining and repairing your property in Austin or Houston, we can help. At Green Residential, we offer a range of property management services to help with as many responsibilities as you wish.
For instance, we can help market your investment property, screen would-be tenants, collect rent, arrange maintenance and repairs, conduct inspections, and more. You don’t have to go it alone since we can handle the day-to-day operations on your behalf. That’ll free up your schedule to focus on other essential things.
When you’re ready to discuss your property management needs, get in touch for a no-obligation consultation. Allow us to show you how what we offer can be of benefit to you.
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