Property Management: Everything (Not) Covered Under Property Maintenance and Repairs

Once you've found your dream home, the work doesn't end - especially if you are getting an apartment on rent. In order to deter unforeseen home maintenance costs, an implied warranty for property maintenance and repairs can be great for new renters. A recent report stated an increase of 9.3% in the annual maintenance cost for American homeowners, with single-family homes reaching an estimated $5000 in 2021.

Property maintenance refers to preventive measures taken by property owners to maintain the quality and functioning of a property based on the size and scope of repair. Different maintenance tasks, such as electrical checks, plumbing, landscaping, etc., are taken up at the request of a tenant or owner to ensure that everything runs smoothly within a home or apartment. Due to maintenance, there are various benefits of a well-established property that add significant value and improve its overall functionality; let's take a look at a few of these.

Key Benefits of Property Maintenance

1. Reduces Equipment Breakdown

Every apartment or house will have equipment for electricity and plumbing. These are essential for a building to function well and provide tenants with a satisfactory stay. With the help of property maintenance, it becomes convenient to ensure that all the equipment stays in shape and can function well. With the help of professionals, homeowners can rest peacefully knowing their assets are in the right hands and can rightfully address urgent repairs quickly when needed. 

2. Increases Property Value

A well-maintained property also boosts the value of the lot. It ensures that things are in place, functioning equipment, satisfying landscaping, and more. It can make the property more appealing to a large pool of potential tenants and property owners, thus increasing its overall value. Continuous safety inspections and rapid response to unit problems can also be time-consuming, which can be tackled with the help of a trusted rental management company, especially in the case of more than one property.

3. Higher Tenant Satisfaction

When a property undergoes periodic maintenance, there is a higher chance of tenant satisfaction. It allows landlords to ensure their property is in shape and functioning well, a crucial requirement to attract new tenants and give them a happy stay. Getting ahead of breakdowns before mishaps can be the best way to take charge of home maintenance costs and set the highest standards for health and safety.

Did You Know?

Over 80% of property managers oversee the management of maintenance and house repairs, along with regular rental payments/fee collection, as part of their day-to-day operations.  

Image credit: Unsplash

Disadvantages of Property Maintenance

1. Not Always Cost-Effective

Property maintenance may not be a suitable service for every property owner, no matter how it affects the future worth of the assets. Depending on the scope of requirements and the size of the property, maintenance costs may be on the higher end, which is unfeasible for the owner. Because of this, property owners may have to forego maintenance services for their plots unless due attention is paid while drafting the lease, which issues the responsibilities to both parties subject to repairs and maintenance. 

2. Less Control Over the Work

Taking up these maintenance services may not always give property owners the control they need. They will have to make adjustments to how different tasks are carried out and will also have to rely on external forces to ensure the functioning of their property.

Did You Know?

The average American spends over $3,018 on home maintenance per year, with more than 40% of home repairs caused due to normal wear and tear (appliances such as air conditioning and water heaters.)   

What Does Property Maintenance Not Include?

While property maintenance looks after numerous factors that make an apartment or house liveable, a few things may not be covered under this. 

1. Non-Essential Repairs

In the majority of the states, it’s accounted that homeowners will offer and maintain their properties in a habitable condition (safety checks, heating, plumbing, electrical, HVAC systems, infestation, etc.) before renting it out to tenants. There is a chance that any non-essential requirement for repairs or upgrades within an apartment may not fall under property maintenance. The tenant will have to cover these costs in such instances.

However, it’s better to consult your rental management property agency regarding state laws for rentals in your city. Expenses for equipment brought in by the tenant, any significant changes on the tenant's hand, and similar areas will not fall under property maintenance taken up by a landlord.

2. Damage at the Hands of the Tenant

Suppose there are any potential critical damages with a certain degree of intent or negligence on the tenant's part (broken tiles, permanent stains, wall damages, dysfunctional appliances, etc.). In that case, the landlord may not utilize any property maintenance to cover these damages. 

Other damages may include minor issues related to plumbing, carpet tears, or electrical units, which tenants should ideally handle to keep both parties happy and at peace. The tenant may have to use their expenses to cover these damages to compensate the homeowner and ensure the property's in good shape.

3. No Account for Environmental Issues

No matter the state in which you rent an apartment, responsible individuals must understand how to handle unexpected house repairs and maintenance. Every location may have selected environmental problems, but not all maintenance services may account for these. =

Some property maintenance services may take care of these issues up to a specific limit, after which they may not cover them. However, landlords are not obligated to provide additional repairs unless stated in the lease agreement.

Did You Know? 

Over 56% of individuals in the U.S. don't have the savings to cover an unexpected expense of $1,000. Roof replacement, which costs an average of $8,340, has been cited as the most common (43%) maintenance project in exterior house repairs.    

Endnote

Property maintenance may affect the financial tally for buyers, but it is an essential requirement they need to take up. It will help ensure that their apartments stay in a healthy shape that will sustain long-term tenants. Property maintenance services allow landlords to look after different areas of their property conveniently by taking the help of experienced professionals with various requirements. 

However, homeowners must also be mindful of areas that property maintenance services may not cover. It will allow them to make provisions and allocate resources that will help them to take care of these areas if the need arises. Before applying, homeowners must look into the most suitable ways to approach their maintenance needs, even if it means benefiting from a property maintenance professional. It will help save time, narrow down the work areas, and allow them to choose the right network of maintenance vendors to cover the needed repairs and restorations.

*Featured Image credit: Unsplash

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