Everything depreciates, and your rental property is no different. Without maintenance, everything withers buildings collapse if the wear and tear isn’t kept in check. However, if you do take time and effort out to maintain the property, you can make it last for contraries.
The wear and tear the best of the best property will turn the renters away. The peeling paint, torn and smelly carpet, as well as fading doors and window, can be a massive turn off for most renters. It not only drives renters away but also decreases the value of a potentially profitable property.
How to distinguish between wear/tear and actual damage?
Here’s the difference between damage and wear/tear. Knowing the difference is crucial to keep your rental property lucrative.
Natural factors like ageing, wind and sunlight are the culprits that cause wear and tear. On the other hand, the damage is what a tenant inflicts on your rental property through abuse and negligence. You damage can be covered through the security deposit you demand from the tenant while signing the lease. But the wear and tear is the sole responsibility of the landlord. But there is a grey area between damage and wear and tear; you stay clear of that grey area.
Every object in the house has a life. Say, your carpet has the lifespan of five years, and if at the end of those five years, you need to change the carpet because it’s torn and the color has faded, this counts as wear and tear. However, if the same carpet gets beyond repair in just a couple of years, that is damage inflicted by your tenant and can be deducted from the security deposit. So, it would be best if you were vigilant about the lifespans of your installations to know the difference between damage and wear/tear.
Security deposit and what else can be deducted from it?
Every landlord is responsible for handing over a clean space to the next tenant. Still, you can deduct the cleaning charges from the previous owner if he has been neglecting the place and keeping it extremely dirty. This scenario is regarded as damage as this kind of cleaning like sticky walls and cabinets, grim ridden mirrors, missing blinds, choked toilets, takes professionals to handle.
Pets:
Out of 10, at least 8 Americans own a pet. So, having pets as their companions is a common occurrence. If you have a no-pets policy, you are limited to your targeted market considerably. However, pets can be messy, they are loud, and they urinate as well as can chew and gnaw at furniture and other stuff. So, your lease should have a pet deposit as well as a security deposit.
But there is a catch; it’s hard to distinguish between the pet damage and the tenant damage. The best way to limit the damage is to shop smart, remove all the carpeting and make your rental a pet-friendly rental.
How to Decrease wear and tear:
Follow these simple tips and hacks to decrease your wear and tear and increase the value of your property.
Floor:
Use long-lasting and durable materials for your flooring; these include vinyl, laminate as well as engineered hardwood.
Kitchen:
Grim, oil stain and odor is a huge issue with all kitchens. If not cleaned properly, this place can actually become a dump in very little time. Install easy to clean fixtures like plastic countertops instead of wooden ones, splash guard near the sink and gloss paint to keep the walls shiny.
Plumbing:
Be vigilant about your plumbing and warn your tenants about that as well. Any small leak, when ignored, can turn into a huge problem. The flooding can mess up your property as well as damage your neighbor’s house as well.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
