In many cases, landlords will wait and make repairs and updates to their property between tenants, when the home is vacant. That makes a lot of sense. However, here is some good maintenance advice for Boise landlords – you don’t have to wait. With the right approach and incentives, you can do it while tenants are in the property as well.
Landlords who want to delay costs as long as possible tend to wait and do all the work when a tenant moves out and the property is vacant. Other landlords prefer to get it out of the way immediately, as soon as something is needed.
Waiting for Vacancy
Here’s an example. If it’s time to replace the paint and the carpet in your home, you could wait to do that work until a tenant moves out. When that happens, you’ll spend around $2,000 on new paint and about $2,000 on new carpet, but you’ll have the satisfaction of knowing that you delayed those expenses as long as possible. Once you complete the painting and the carpet installation, the house will show very well for new prospective tenants. However, you’ll also have a longer vacancy time because it will take you a few weeks to get all this work completed. That means you won’t have any rental income during this period. Paying for the new paint and carpet can be a challenge when you don’t have any rent coming in.
Repairing Right Away
If you don’t want to wait, talk to your tenants about your plans to paint the house and install new carpet. Offer it as an incentive if they’re willing to renew or extend their lease. You don’t have to do everything at once. You can paint the house and then wait a few months and put in new carpet. Completing this work while tenants are in the home allows you to spend money on these repairs without losing rental income. It also increases the chances that your tenants will stay longer, because they’ll have a fresh, updated home to look forward to. Having these repairs in place also means that you won’t have to spend as much time updating the home between tenants when your current renters do move out.
The right decision depends on your property, your financial goals and your current tenants. Contact Greater Boise Property Management if you need help deciding when to update and make repairs on your rental home.