Preventive Maintenance for Your Coral Springs Rental Property
Appfolio Websites • December 13, 2019
Most landlords expect that they’ll need to make routine repairs to their Coral Springs rental property and even respond to emergency maintenance issues from time to time. Something that’s often overlooked, however, is preventative maintenance. This is equally as important, especially when it comes to protecting the condition and value of your investment.
We have some tips for how to establish and follow a preventative maintenance plan.
Rental Property Plumbing: Watch for Water
Water damage can be expensive and difficult to repair. Small leaks might not seem like a big deal. But, if you ignore them for weeks or months, they can turn into larger leaks that damage floors and walls and eventually lead to rot and mold. So, you want to avoid leaks whenever possible. Be proactive about preventing them. Anytime you are in the property, take a look at the areas under sinks. Check the floors around toilets and tubs to be sure there isn’t any softening. Look for drooping or discolored ceilings and walls.
If you notice a leak, get it repaired immediately. Clear your gutters of leaves and debris and make sure there’s nothing surrounding the property that will invite standing water. Flush out irrigation systems and sprinklers. When it comes to ongoing maintenance, preventing leaks and floods is your primary concern.
Service your HVAC System
One of the most expensive systems in your rental property is the heating and cooling system. In Coral Springs, our air conditioning runs almost all the time. It’s important that you have your HVAC system inspected and serviced annually. This will ensure it’s working properly, and it will also extend the life of your furnace and your air conditioning unit. The heating and cooling of your property will be more efficient. Your tenants will appreciate it too, as it will improve their air quality inside the home and keep their energy costs down.
Other systems and functions in your home that you want to have inspected annually include the water heater, the electrical system, and the landscaping. Make sure the appliances are working well and keep any warranties or service contracts in a place that you can access them right away.
Prepare for Hurricane Season
In Coral Springs, we don’t have to worry about shoveling snow or scraping ice off our cars. However, we do have hurricanes and tropical storms to contend with. Over the last few years, there have been some major hurricanes and devastating storms to hit Florida. Make sure your rental property is prepared. Your tenants need to understand all the security precautions and your home needs to be protected against the potential for high winds and flash floods. You might want to consider investing in hurricane shutters.
Have a hurricane plan in place for your property
and your tenants. Make sure they understand evacuation routes and have a plan for how you’ll stay in touch.
Preventative maintenance saves you money in the long term and it keeps your Coral Springs rental home better maintained. When you’re ready to talk about putting together a plan that serves your maintenance needs, contact us
at Florida Property Management Services. We’d be happy to tell you more.
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What is it? A cost segregation study looks at the different parts of a rental property to see which ones can be depreciated faster. This can allow investors to take some deductions sooner instead of spreading them out over the standard 27.5 years. Who uses it? It’s mainly used by real estate investors and property owners who want to claim larger depreciation deductions sooner on their rental properties. A qualified tax professional or cost segregation specialist typically performs the study. Where does it apply? Cost segregation can be used on residential rental properties, including single-family rentals, although whether it makes financial sense depends on the property and the investor's tax situation. The IRS specifically provides guidance for cost segregation studies involving residential rental property. When should investors consider it? It is often considered when purchasing, constructing, or making significant improvements to a rental property. Investors can also look at existing properties, but the potential benefit depends on the property's cost, improvements, and tax circumstances. Why does it matter? The goal is to potentially move some depreciation deductions into earlier years, which can reduce taxable income sooner and potentially improve near-term cash flow. It doesn't create new value in the property, it changes when certain costs may be deducted for tax purposes. Investor Takeaway: A cost segregation study can be worth exploring for investors with higher-value rental properties or significant improvements, but the potential tax benefit varies from property to property. It is recommended to always work with a qualified tax professional to determine whether a study makes sense for your situation.
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