Have you ever had random unexpected rental property costs arise as you attempted to move someone into one of your rental property locations in Washington DC? Preparing yourself for the numerous unexpected rental property costs that may come up can help you plan and give a better estimate in terms of move-in times and budget the funds you must set aside for your investment. The following will explain the various elements that we have discovered that may come up when you are attempting to start up your property investment:
Cleaning can drive up some hefty unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to come up with the right decision about cleaning expectations. Ask yourself if you would move into the property you are renting out. This question can help you determine if it is a place that is clean enough that you would trust your own family to live in. If renters move in and observe that a home isn’t properly cleaned, it can lead to a bad first impression about you as an owner and of the property itself. They might ask that certain demands 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 saw it to be, which can lead to damages like dirty or stained floors, pest issues, and more unexpected rental property costs.
To solve the cleaning cost, you would have two decisions to make. You could get a professional cleaning service that can help with all the deep cleaning and ensure that everything is in order before moving in your tenants. Another decision you can make is to perform the cleaning yourself. However, cleaning can be timely and expensive in finding the right equipment and materials. Moreover, your efforts as a property owner in Washington DC could be better spent in other areas where a higher time value will be present.
Conduct a home inspection to ensure safety for the tenants. Mold can be dangerous, cause health problems, reproduce fast, and cause damages to the property, which could drive up unexpected rental property costs if it is not properly handled. The key to finding mold is finding where it usually produces – in places of excessive moisture. Do a comprehensive inspection and look for areas that have low air circulation, high humidity, and leaking pipes or appliances and find the dark spots or wet sections. You could also get a professional to do thermal imaging to find the high moisture spots or to take an air quality sample.
The secret to preventing mold costs in Washington DC is moisture control. Tell tenants to turn on the bathroom fan after they take a shower to ensure proper ventilation. Make sure leaky faucets and pipes are immediately attended to. You can also make sure your gutters are cleaned out and the water drains are pointed away from the house to maintain the foundation. Fire hazards can also be another topic of consideration, which you can read more about here.
Structural damage is anything that can affect the long-term structure/core of the home. This involves the foundation, roof, and support beams/walls. Windows and doorframes can also indicate the general 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 be signs if there is something that needs care to upkeep 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 helpful 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.
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