Landlords in Westminster, CO, make over $91,000 a year. However, when calculating your yearly salary, it's important to factor in the hidden costs. You'll have to budget for landlord insurance, vacancies, taxes, and repairs.
When your tenant has a maintenance issue, it's up to you to have it fixed. The price can stack up depending on how many tenants you have.
The good news is that there are ways to save money on property maintenance. Check out this guide to learn the secret.
Schedule Regular Inspections
The best way to save on property maintenance in Westminster, CO, is to take preventive measures by scheduling regular inspections. This will allow you to catch and fix small problems before they turn into larger, more expensive ones.
When a tenant puts in a maintenance request, it's best to tackle it sooner rather than later. It might be a cheap fix now, but it could become more exorbitant if you sit on it.
Screen Your Tenants
You should always screen your tenants before giving them a set of keys. When you perform a background check and call references, you'll learn about the potential resident's past behavior.
If they've been evicted from several properties over the course of a year or have a habit of causing expensive damages, that information will show up.
While you can run a background check on your own, most landlords hire a Westminster property management company to do it. They have all the tools and expertise needed to perform a comprehensive screening.
Hire the Professionals
Even if you have experience working in electricity or plumbing, you should call a professional vendor to take care of repairs. If you were to make a mistake, you'd have to hire someone to fix it after wasting money on the materials for the botched job.
Hiring a professional contractor doesn't have to break the bank. Take the time to call around and compare prices to get the best deal you can.
Have an Emergency Fund
Sometimes, no matter how much you budget for repairs, something comes up that you didn't plan for.
When this happens, you won't have to feel the sting of these costly repairs if you have an emergency fund set aside for rainy days.
Hire a Property Management Company
The last tip we have for you is to hire a Westminster Colorado Property Management team. As stated above, they'll be able to handle your screening process and keep problem tenants away.
They can also schedule inspections and repairs so you won't have to remember to do so. While you will have to pay your property management company, they're more than worth the price they charge.
Save Money on Your Property Maintenance
As a landlord, you have a pile of expenses to contend with. That includes property maintenance. It can quickly add up if you allow it to.
That's why it's important to schedule regular inspections, screen your tenants, and hire Property Maintenance Services in Westminster.
Team PMI Mile High has been helping landlords keep their maintenance costs down for over two decades! Contact us today to learn more about our services.