If you’ve owned rental property for any length of time, then it’s likely that you’ve received at least one call from a tenant, informing you that the air conditioner is on the fritz, the dryer is only blowing cold air, and / or the refrigerator isn’t keeping food cold. While these types of calls can be frustrating – and usually costly – tending to these items sooner rather than later is just one of the ways that you can keep your tenant(s) happy, and better ensure that the rent checks will keep coming in. But how do you know whether you should repair a non-functioning appliance or system, or bite the bullet and replace it altogether?
The answer usually depends on the item itself. For instance, if an appliance like a washer or refrigerator is no longer working properly, it may be more cost-effective to simply replace the item with a new model. And, because these items will often come with a warranty, you may be covered for any repairs that are needed for a certain amount of time going forward.
On the other hand, larger systems like air conditioners and water heaters can cost a great deal more. So, in this case, it typically makes sense to contact a repair specialist who can get things back on track.
Regardless of whether you end up repairing or replacing, the good news is that the cost to do so is oftentimes tax-deductible – so even though the up-front expense can sting, you could recoup at least some of the cost at tax time.
If your rental properties are taking up time that you would rather be using to focus on other things, it may be time to consider hiring a property manager who will take over the management and maintenance of your investment(s).
For more details on how you can keep your real estate investments in Orlando or the surrounding Central Florida area running smoothly by delegating time-consuming tasks, just give us a call today.