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Investing in real estate is a great way to earn extra income and, with the help of a property management company, it can even be passive income. Still, as the owner, you’re responsible for maintaining your properties and, while most real estate investors do a good job tackling major tasks, other upkeep issues tend to get overlooked.
If you’re worried that you might be missing something important, these four real estate maintenance tasks may get pushed by the wayside accidentally and could surely benefit from your attention.
Real Estate Maintenance: Tackle Common Areas
Whether you manage commercial or residential properties, common areas often get short shrift because no single tenant views the space as their responsibility. As a result, though, they also may not complain about a perceived issue because it’s not in “their” space. Make sure you set a schedule for evaluating common spaces, checking for water damage, malfunctioning lights and outlets, and other issues that might signal structural or functional problems.
Repave Parking Areas
Damage to parking lots and sidewalks doesn’t just inconvenience people, but can lead to injuries and vehicle damage. If you notice potholes or major cracks forming in the pavement surrounding your properties, it’s time to bring in professionals to repave them.
It’s important that this be done regularly, especially if you live in an area with extreme cold conditions, since that can make sidewalk and pavement cracks worse – in fact, that’s why many New Englanders say there are two seasons: winter and street paving.
Check Inspection Records
When you don’t know if an issue needs to be addressed or you’re trying to prioritize aspects of your property, one thing you might wish to do is review your inspection records. These records will reflect areas of your property that receive regular and official review and, importantly, need to be at their best if your buildings are to be deemed operable. These often include HVAC, elevators, and electrical, but depending on your structure, region, and industry, you may discover other areas of concern.
Secure Doors And Windows
Especially in older properties, doors and windows often become loose, leading to drafts, difficulty regulating temperature conditions, high heating and cooling costs, and other issues. Old windows and doors are also less secure in the face of extreme weather conditions, may not lock well, or may swell and shrink based on heat and humidity.
Perform regular checks on doors and windows on your properties, even if they don’t have visible issues, since everyone complains about broken glass, but most people will ignore a loose window frame or sticky door.
Start From Strength
When it comes to property maintenance, fixing things is fine, but you always want to make sure you’re starting from a place of strength. In other words, when overseeing construction or repairs, be sure that you’re working with an experienced, licensed construction company that has the skills to address your needs.
When the work is done right the first time, you’re less likely to have to make big repairs down the road. Instead, you’ll be faced with basic upkeep, and that’s much easier to handle.
There will always be unpredictable maintenance issues when you’re a property owner, and that’s something you should be prepared for, but the good thing about having a regular upkeep routine is that it leaves you the time, money, and bandwidth to deal with those unexpected issues.
That means that when a hurricane blows through town or snow wrecks your parking lot, you’ll be ready because you’ve already taken care of everything else.