Income Property Maintenance for Less

Income Property Maintenance for Less

YW0505If you’re new to home ownership, act as a property manager, or have recently increased the number of properties you care for, you may find it overwhelming. Expenses can really add up, especially if you have a number of problems all at one time.

Luckily, Jason Hartman’s team has a few tips and tricks to save you money—just think of all the investment properties you’ll be able to afford!

Score a Deal
The best way to get a good deal on something is to buy during the offseason. Lawn and garden tools are expensive in spring, but cheap during the fall when they’re no longer in use. As often as possible, purchase maintenance tools during the offseason. You can also look for clearance sales when places go out of business—landscaping companies often have a ton of tools for sale.

You’ll also want to be on the lookout for coupons. Many companies will offer occasional 25% of coupons a few times a year, which can save you a lot of cash. You can sign up for services that alert you when coupons are available and maximize your savings.

Hire People You Trust
Of course, if you have to hire outside help, it is important to hire effective people. If you can rely on people you’ve worked with and had good experiences with before, then you should do it. Otherwise, make sure that you’re reading a variety of reviews before contracting work out. See what other customers are saying about a company before you hand over thousands of dollars.

Make a List
It is easy to forget about ongoing maintenance throughout the year. To stay up to date (and reduce major repairs down the road) keep a list of seasonal maintenance tasks. You can go as far as to divide it by month or stick to seasons. It’s not only going to seem a lot less expensive to maintain this way—it will save you money if you do a lot of little projects regularly versus huge repairs down the road. Spray for ants in early spring, change the air filter in late fall, re-caulk the bathroom in winter, etc.

Rely on Yourself
The great thing about the internet is that you can learn to do almost anything by yourself. Videos and tutorials make it easy to take care of maintenance by yourself. Completing a project yourself also means that you’ll be able to take care of it again down the road. You’ll want to allow more time for DIY projects though, especially if it’s the first time you’ve completed a particular task.

If you aren’t comfortable with a task however, don’t waste your money on poor repairs. Contracting the job may be your best bet. (photo credit: dustpuppy via photopin cc)

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The Young Wealth Team