Financially speaking, there are many positive financial impacts of real estate investors and landlords investing in preventative maintenance on their properties to avoid expensive major appliance and property system breakdowns.
Increased Property Value
One of the most obvious benefits of preventative maintenance is that it can help to increase the value of your property. When a property is well-maintained, it is more likely to attract and retain tenants, which can lead to higher rents and increased property value over time.
Reduced Repair Costs
Another major benefit of preventative maintenance is that it can help to reduce repair costs. When you regularly inspect and maintain your property, you can catch potential problems early on and fix them before they become major repairs. This can save you a lot of money in the long run, for example:
- HVAC maintenance: According to the U.S. Department of Energy, homeowners who have their HVAC systems professionally maintained can save an average of 15% on their energy bills.
- Water heater maintenance: The National Association of Home Inspectors estimates that homeowners who have their water heaters professionally maintained can save an average of $300 per year on water heating costs.
- Appliances: A study by the American Society of Mechanical Engineers found that homeowners who have their appliances professionally maintained can save an average of $1,000 per year on repair costs.
- Roof maintenance: The National Roofing Contractors Association estimates that homeowners who have their roofs professionally maintained can extend the life of their roofs by an average of 10 years.
- Siding maintenance: The National Association of Home Builders estimates that homeowners who have their siding professionally maintained can extend the life of their siding by an average of 15 years.
Improved Tenant Satisfaction
Tenants are more likely to be happy with their rental property if it is well-maintained. This can lead to lower turnover rates, which can save you money on advertising and leasing costs. Happy tenants are more likely to refer friends and family and act as another promoter of your property management.
Preventative maintenance can also help to improve the safety of your property. By regularly inspecting and maintaining your property, you can identify and fix potential hazards, such as loose railings, faulty electrical wiring, and mold. This can help to protect your tenants and your property from accidents and lawsuits.
Increased Peace of Mind
Finally, preventative maintenance can give you peace of mind knowing that your property is in good condition and that you are taking steps to prevent costly repairs. This can free up your time and energy to focus on other aspects of your business or life.
In conclusion, there are many positive financial impacts of real estate investors and landlords investing in preventative maintenance on their properties to avoid expensive major appliance and property system breakdowns. If you are a real estate investor or landlord, building a preventative maintenance plan is in your and your tenants’ best interest. We, at Moatkeeper, can help you streamline your maintenance plan to save you money, increase your property value, improve tenant satisfaction, increase safety, and give you peace of mind.