Many investors use one of two rule-of-thumb methods to project annual emergency and routine maintenance costs.
Needless to say, smart property investors need to know exactly what kind of rental property maintenance they are responsible for so as to prevent unnecessary profit losses.
You may choose to consult with a Charleston property management company for details, but here are some general guidelines to equip you in making this decision.
A property owner who rents out residential units is legally responsible for ensuring that the homes they offer in Charleston are 'habitable.' That could involve maintaining:
While this general definition of 'habitability' is helpful, the actual details and responsibilities vary according to location and lease agreement terms.
A Charleston property management company can help you to determine what local laws and regulations are required of an investor. They can also help draft a lease agreement that specifies your rental property maintenance responsibilities.
The way a property owner or manager handles maintenance can be either reactionary and remedial (putting out fires, as it were) or precautionary and preventive. Having a seasonal maintenance task list, for example, can do much to help one stay ahead of crucial routine maintenance.
As mentioned, the details of what property owners are legally responsible for can vary even from North Charleston to Mount Pleasant!
If appliances are provided when a home or rental unit is leased, the owner is generally responsible for maintaining them. However, the lease agreement may be written in a way that either completely or partially absolves the owner of responsibility. Hence, depending on the terms, the owner may be required to fix an appliance but not replace it. Or the owner may be relieved of their responsibility once the existing appliances reach the end of their expected 'life span.' However, you're not likely to win many renters over with this one.
Property owners can choose to leave routine filter swaps every 30-90 days in their hands or those of their renters, depending on how they write their lease. Renters do not usually want to be responsible for changing filters (and neither do you), so it is often wise to roll the cost of a filter replacement plan into the rent if you're not working with the property management Charleston offers.
While local and state laws determine the definition of habitability and property owners are responsible for responding immediately to emergencies, not all complaints are defined as an 'emergency.' Some minor repairs and complaints may not be the responsibility of the owner, especially if declared in the terms of the lease agreement.
In general, property owners are legally responsible for ensuring a safe and secure environment for their renters. However, local and state laws and regulations may also require certain safety codes to be adhered to and violations to be addressed.
While heating and plumbing problems should be addressed within 24 hours, you can likely handle other requests within 48 hours.
Obviously, a Charleston property manager would always be up-to-date on local and state laws and regulations, and we are able to provide excellent suggestions when it comes to what to include in your rental agreement.
A professional will not only ensure that you are aware of your responsibilities; they will also offer the service of taking on such responsibilities for you. There are numerous advantages to this.
There’s no reason to be overwhelmed by the maintenance responsibilities of being a property owner. As experts in the industry, we're happy to put our experience to work for you!