​7 Property Maintenance Tips That will Save you Money

With investment property, it’s all about maintaining that positive cash flow each month. One area that can really set you back - and do so in the blink of the eye - is an unexpected major repair. While you can’t always avoid these, staying on top of regular maintenance can help prevent some serious problems from occurring, or at least from being as severe, which will ultimately save you money. Use these 7 maintenance tips to keep your property in great shape and reduce your chances of incurring an expensive repair.

1. Have an electrician inspect your property’s electrical system every 10 years. Of course, this should have been done prior to your purchase of the home, but if you’re investing for the long term, it will likely need to be done again at some point. Neglecting this could mean overlooking faulty wiring or circuits, which can result in electrical fires.
2. Check for water damage and leaks. Repairing areas with water damage can be a costly endeavor, so be sure to check the property over for leaks regularly. Take a look at the sinks, faucets, toilets, shower, water heater and anything else that has a water line running to it to be sure that all connections are tight and there are no holes or cracks in the lines.
3. Test smoke and carbon monoxide detectors. Not only do these devices save lives, they also can prevent thousands of dollars in damage. Most smoke alarms last around 10 years, while carbon monoxide detectors have a lifespan of 5 years. Set a schedule and replace batteries and units accordingly.
4. Use a pest control service to keep bugs away. Insect invasions are not only unsightly and gross, they can also be costly. Termites are by far the most notorious in terms of destruction to a home, and they’re responsible for millions of dollars worth of damage each year. Use a professional pest control service to inspect and treat for termites and other insects to prevent any infestations.
5. Check over the HVAC system and change filters regularly. Over time, the filters in a home’s HVAC system collect dust, dirt, and other debris, which can impede air flow. Be sure to change out the filters approximately every 6 months, and inspect the entire HVAC system once a year to ensure it’s functioning properly.
6. Flush your water heater. You water heater should be drained once or twice per year to remove sediment that builds up in the tank. If this isn’t done, it can impact the performance of the unit or even result in a clogged drain line. It’s much less expensive to drain and flush the water heater than it is to replace it entirely.
7. Inspect caulking and grout. Caulking and grout are most often used in places where water is present, which means there’s always a risk for mold if this watertight seal is broken. Dealing with a mold issue can be time-consuming and expensive, so check grout and caulking to ensure there are no cracks or missing chunks, which may also lead to water damage.