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If you’re looking for ways to save money with your real estate investment, consider picking up some handyman skills. The costs of having a handyman visit your property can add up over time. If you pick up certain skills and no longer have to call a handyman for every little thing, you could end up saving plenty of cash. Of course, if you’re not confident in making a certain repair, it’s best to contact a professional. This could keep a small problem from turning into a large one.
There are plenty of easy maintenance projects that you can take care of in your free time, too. Cleaning gutters, repairing leaky faucets and similar projects take little time and don’t require expensive tools or supplies. Read on for more ways to save money by being your own handyman.
However, before we get started, you should always ensure that your mortgage lender does not have a policy against you making repairs and renovations on your own. To learn more about your lender’s policies, click the link below to book a free strategy call with us and we will help you break them down.
There are certain aspects of landscaping upkeep that are possible to do on your own. Planting flowers and watering them as needed, for example, can usually be done in your free time. If you already own a riding lawnmower, it won’t take long at all to cut your property’s grass and eliminate weeds.
Landscaping can cost around $500 per year for small jobs and thousands of dollars for big ones. If you’ve got your own lawn maintenance equipment, consider taking some time during your day to take care of your property’s landscaping needs. Depending on the size of your property, good landscaping may only take a few hours.
If you own a single-family home or similar property, it’s likely your residents will want to take care of their own landscaping work. This will prevent the need for you to come by every week or so to mow the lawn and water plants. Just make sure to discuss this with your tenants beforehand. You might want to outline your expectations in the lease.
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You’ve probably picked up some basic maintenance skills through the years. Cleaning gutters, shampooing carpets and spraying for pests don’t take a lot of time or effort. Doing these simple things can help save plenty of money each year. Just be sure that you’re doing them on a routine basis. Things like clogged gutters can result in expensive repairs if they aren’t taken care of regularly.
If you’re interested in becoming the handyman for your property, it’s a good idea to make a list of things to check on throughout the week or month. This might include checking the roof for signs of wear and tear, clearing weeds from around the property, putting out traps for pests and more.
There are many major repairs that you won’t want to take care of on your own. This usually includes water damage, structural issues and broken water heaters. Many repairs can easily be taken care of with a basic set of tools. A leaky faucet, for example, often only requires a screwdriver, wrench and several other small components. Small leaks in the roof can also be easily repaired with the right materials.
It’s important to take care of building repairs as soon as possible. If you don’t take care of roof repairs in a timely manner, water damage could result. Pest infestations are also important to take care of quickly, as you want to prevent them from breeding and spreading all over your property. Other things you should repair as fast as possible include toilets, garbage disposals, refrigerators, water heaters, HVAC systems and more. (If you don’t, the tenants may legally withhold rent for repairs.)
An average handyman or contractor will charge somewhere between $50 and $150 per hour. This amount can increase depending on what they’re repairing as well as the materials needed. If you can avoid calling a handyman or contractor for every repair, you could end up saving thousands of dollars per year.
How to learn maintenance skills
These days, there are plenty of ways to learn basic maintenance skills. If you’re looking for hands-on experience, see if there are any classes offered at a nearby college or community center. These classes are often taught by experts in their field and are usually free or available at minimal costs.
Sometimes, hardware stores like Home Depot and Lowe’s provide home maintenance and repair classes hosted by experts. These classes are often available for free and will teach you valuable skills in a minimal amount of time. Taking these classes is great for those that don’t have much time to dedicate to learning a new skill.
If you’re lucky enough to know some, consider consulting with home maintenance and repair experts in your friend group or family. Ask them for any tips and try volunteering to help them take care of any repairs at their home. This will give you firsthand experience while helping out a close friend or family member.
Another great way to pick up home maintenance and repair skills is by utilizing online resources. YouTube features a multitude of videos that help beginners learn home maintenance skills. You can find videos for general repairs or specific things, like fixing appliances or repairing faucet leaks. WikiHow is another free online resource for those that want to learn these skills.
Benefits of being your own handyman
Being your own handyman comes with a lot of benefits in addition to saving money. Since you’ll develop all these new skills, you won’t have to call a handyman or repairperson for issues at home, either. Having these skills will also be much better for your tenants, as they won’t have to wait for a busy professional to fit them into their schedules.
Finally, there’s a sense of pride that comes from taking care of your own repair needs. Developing these valuable skills will help build confidence, which is an essential quality when it comes to real estate investing. If you’re ready to start saving money, look into all the local resources you have available. You’ll be ready to take care of all the repairs on your investment property in no time.
However, before you commit to being your own handyman, you need to consider the repercussions it can have on your property and mortgage. To ensure that you are not ‘fixing’ to break your mortgage terms, click the link below to book a free strategy call with us today.