Looking over a rental property that you own is not an easy task. It starts with getting the home ready to rent, and then it transitions into listing the place, finding tenants, and keeping it maintained. Although you can get professional help the second something goes wrong with the rental, this can get costly. It is beneficial when you live close to the property so you can maintain some things on your own. Having a decent amount of storage space in your home or renting a storage unit can help you stock up on parts. Shopping for appliance repair parts online is a great idea since there will several appliances in the rental.
Handle Minor Repairs on Your Own
It is important not to expect that you will be able to handle major repairs for appliances. Most things that are heavily involved with the electrical system should be left to professionals to avoid unnecessary risk. If you are not familiar with working on appliances, you can make use of manuals and online videos to give yourself the knowledge and instruction you need to take care of most repairs without making mistakes.
Stock Up On Common Parts
To make yourself a better landlord, you should stock up on the common parts that appliances need. Refrigerator water filters, microwave glass trays, and range drip pans are several examples. It is not necessary to wait until you actually need these parts to purchase them. For instance, the drip pans are something that you will want to replace after a tenant leaves to maximize the range’s cleanliness. So, you should not hesitate to buy several sets, especially if you save more money by buying higher quantities.
Avoid Having to Pay a Premium
By taking care of your shopping online, you will already get to enjoy lower prices compared to local stores. The reason for this is that storefronts have a considerable overhead that they need to recoup. But, an online store only needs to maintain a warehouse and have several employees to manage the inventory. Another advantage that comes with buying replacement parts early on and always having them on hand is that you do not need to rush to a local store to fix a problem in a pinch.
Quickly Respond to Calls for Help
Whether you put the extra parts into storage or you just have them in your home, being able to respond to an issue that your tenant is having in a matter of hours is a great way to build a positive relationship. Most tenants that are renting from an individual landlord will not expect such a quick response. Some people may start looking at other rentals as soon as their lease is up if they do not like the landlord. But, you can make it more enticing for your tenants to stick around, which is good for all parties. It reduces how many vacancies you have throughout the years, which naturally increases your income. Also, the people who are sticking around are more likely to be tenants that you want staying in the first place.
Although you may want to collect all sorts of appliance repair parts to make things easier as a whole, you do not want to go overboard, especially when you may need to replace appliances altogether. It is best to invest in these parts when an appliance is still in its youth. Most appliances are expected to last around 10 to 15 years, so it is perfectly fine to stock up on repair parts for the first five years or so.
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