Property management can be a complex endeavor. There are lots of details to take care of – how to choose your apartment management system and handle your diverse clientele. Sometimes buyers might find themselves on shaky ground. They might probably know very little about the true state of the building they are about to buy. Besides, even if the government passes regulations every day that cushions buyers from harm. But whether you are buying or selling a home, you still need to take precautions.
Why? Because “putting matters right can be expensive,” says Paul Stevens, the CEO of Just Property. There are times when a buyer is forced to spend a lot of money to rectify plumbing improvement, electrical faults, etc. to keep up with the maintenance requirements.
To avoid incurring costs when buying or selling a home, here are some of the common pitfalls you need to avoid:
Never let your tenants fix their own maintenance problems
Sometimes, especially where there are large buildings, this can be a common occurrence. When they do the repairs themselves, they deduct the cost from the rent. While this might sound like an easy fix, it can cause you more harm than good.
For one, when the tenants gets injured as they do the repairs, you could be forced to pay for the damages incurred. Again, when the tenant does a poor repair job, they could potentially create a much larger problem without your knowledge. To save yourself out the mess, always get the repairs done by trusted maintenance worker or a licensed contractor.
Poor tenant screening
Well, you might think this is just a no-brainer. But you can actually run into major issues down the road if you fail to effectively screen your tenants. You might think that’s an extra burden to you. But it’s worth extra time and cost you put up screening potential tenants at the end of the day. Investing in a good apartment management system always ensure that you have done thorough background checks on any possible tenant.
Hiring unskilled maintenance workers to cut costs
While it may seem a pretty easy way for you to save money, hiring anyone for repairs works might turn into a migraine-inducing experience. Well, experts might charge you higher fees but are likely to perform a thorough, long-lasting repair. Besides, what an expert does may last for 5-10 years. That means you need to hire a pro technician that won’t force you to repeat repairs. As a result, you will end up saving lots of money in the long run.
Failure to do a routine inspection of your home
Performing preventative maintenance will save you money and time. Every time you perform routine inspection of your property, it will help you spot some problems before get worse. That way, it gives your tenants the impression that you are thorough and very responsible. This inspection is payable by the buyer. It is the buyer who chooses the company to engage for the inspection.
Here are some of the areas you need to inspect:
- Check the health of your drainage system – Find out how the stormwater flows away from the house. Does it follow the correct channels that won’t damage your property? Do you need downpipes and gutters for the roof? What about water ponding? Is there any danger that the water might sink to the ground under the foundations?
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- Any rotten wood – In cases where we have doors, window frames, roofing timbers are rotten, it could be a sign that termites, borer beetles, and wood-destroying fungi. Rotten window and door frames, timber floors and roofing timbers could be an indication of borer beetles, termites, and wood-destroying fungi.
- Poor ventilation – Poorly ventilated rooms can lead to structural damage and a host of health-related hazards.
- Hazardous materials – there are various kinds of hazardous material you might need to look at. Some of these include lead-based paint, unhealthy levels of potentially toxic molds, or asbestos.
- Check out for faulty electrical, plumbing and gas installations – Check wiring, hot water geysers, DB boards, gas lines, and other sanitary ware.
- Check the roof – is the roof leaking? Whether from blocked gutters, a leaking roof or aging roof coverings.
- Water seepage through windows and doors – Sometimes you could be having some water flowing through the doors and windows. Re-caulking windows and doors, and performing other weather-stripping and any other repairs necessary.
- Check insulation – check whether insulations are non-extensive or defective.
- Check structural damage – structural damage may be occasioned by settling foundation, weakened foundations. Weak foundations mean doorways, roof structures, walls and support and probably the beams would be unstable.
Having a good apartment management system can help keep a good track of the details.
Summing it up
Selling or buying a property is much trickier than you might think. Sometimes, it can be pretty expensive for you to put matters right. There are cases where a seller will have to part with a large sum of money to rectify damages. It’s good for any would-be buyer or seller to take any corrective measure to avoid the pitfall that might land in you into a ditch.
Read more: The Exterior Home Maintenance Guide You Need