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As a property owner, sometimes you need to roll up your sleeves and fix up your property. Even if you find the most well behaved and careful tenants, wear and tear is bound to happen.
Since property maintenance is a normal part of life as a real estate investor, it is important you are ready for whatever may come your way. So, here is a list of ten common home repairs you should be prepared for.
However, before we get started, if you want to learn more about how you can draw out equity from your investments to finance your home repair projects today, click the link below to book a free strategy call with our team today.
Water Leaks and Drips
If water is leaking from your pipes and faucets, you need to take care of it as soon as possible. Not only can water damage quickly lead to mold and mildew buildup, but a consistent drip from your plumbing can end up costing you hundreds of dollars each year on your water bill.
Leaks typically occur in one of two places, the supply line, or the drain. To determine where your leak is coming from, try running the water and check to see where the water comes from. Usually leaks occur when the pipes do not fit together properly, or the seal has worn down. So, once you have found the source, you can either make the repair yourself or hire a plumber to do so if you do not have the experience.
The weatherproofing on your property is like a safety barrier between your investment and harsh weather outside. If the weatherproofing begins to wear, you may find that water will find its way into the property, or the heating and cooling system will have to work harder to maintain a comfortable climate in the home.
Typically you will notice this when water appears under windows, or your ceiling begins to leak. In this case, you should hire a roofer or contractor to come by and make the necessary home repairs.
Lack of Hot Water
If the hot water in your property is not running, there is usually a problem with your hot water heater. Sometimes, this can be caused by the heating element wearing down, while other times you may need to completely replace the heater.
To property figure out the source of the problem and complete the home repairs, it is recommended that you hire a plumber.
If your rental property comes with appliances such as a fridge, oven, or dishwasher, you may get a call from your tenants to report that they are broken. In this case you should immediately find skilled technician to look to see what caused the problem and if they can be repaired. If they are not able to be restored back to working order, you will need to replace these as quickly as possible to minimize the inconvenience and discomfort it will cause for your tenant.
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Heating and Cooling
Another urgent home repair you may need to respond to is a problem with the heating and cooling system. Depending on the time of year, a failure in your heating and cooling system can cause serious health concerns. If you are having problems with your heating and cooling system, you should call a professional straight away for the sake of your renter’s health and comfort.
Pest control is easily one of the most annoying home repair tasks for a property owner to take care of because most of the time, the problem is the tenant’s fault. Regardless of which mess or open entryway allowed the pests into the home, it is still your job to deal with the home repairs and take care of the infestation.
If you find that your property has any bugs or rodents crawling around, you should hire a pest control professional to come and remove them. At the same time, make sure that any holes or cracks in the property are filled in and repaired so that you do not have to worry about the pests coming back.
As well, if you have a pest issue, take the time to educate your tenant on how to prevent pests from entering the property. Sometimes, if the damages are proven to be the tenant’s doing, you may be able to make them pay for part or all the home repair expenses.
Faulty wiring, blown breakers and frequent shortages are all electrical problems that can frustrate both your tenants and you. For the sake of safety and efficiency, you should always call a reliable electrician to handle these types of home repair scenarios. These trained eyes are also more likely to spot underlying issues and hidden problems.
If your drywall has holes or cracks, whether it is from water damage, renovations, or another source, you should have it patched and filled. Fortunately, drywall is easy to patch and can be done yourself quickly and cost effectively.
This is one of those home repair tasks that is quite simple to do, but can go a long way to make your property look more valuable.
For the safety of your tenants, you should always have fully functional smoke detectors in your properties. If a detector begins chirping, that is often a sign it needs to be repaired, replaced or it requires new batteries. So, make sure that whenever your tenants tells you that their alarm has begun to chirp, you come by to replace the batteries or the entire detector.
This home repair task is not as common as the others. While not all properties have a garbage disposal, it can still be valuable to know what to do in the event one breaks in case you ever get one. The leading cause of a broken disposal is improper use, so start by making sure your tenants know what can and cannot go into the disposal.
Usually, a broken disposal is caused by one of two things. Either it is stuck and simply needs to be unclogged and freed to spin again, or the motor has burnt out and the entire disposal needs to be replaced by a professional.
Refinancing For Home Repair
Did you know that one of the easiest ways to finance your home repair projects is by using equity from the property itself? Fortunately for you, our team at LendCity and help you draw out that equity so you can get your home repair projects started.
If you would like to learn more about the world of real estate investing or are interested in securing financing for your next real estate investment, contact us at LendCity. Our team will gladly answer any questions you may have. To reach us you can call 519-960-0370 or you can visit us online at LendCity.ca
Alternatively, click the link below for a free strategy call with our team at LendCity.