Property Management Blog
Making Your Investment Last: Replace Items Inside Your Rio Rancho Rental Home
It’s just part of life. Appliances, blinds, and flooring in rental homes eventually wear and breakdown. The life expectancy of each item can be estimated. Remember, your rental home is a long-term investment. Refreshing its interior and exterior on a regular basis sends a strong message to tenants and future applicants. If they see you caring about the home, they’re more likely to treat it with care, also.
As the property owner, you should be keeping track of the installation dates for the major items you’ve installed both inside and out. Having a plan in place to pay for replacement is smart.
Establishing a savings account specifically for replacement items and repairs is a good place to begin.
Purchasing and installing new items during specific times of the year can help alleviate a stream of ongoing issues. For instance, make April the month you replace necessary appliances and September the month you replace flooring, blinds, windows, doors.
Maintaining items annually can reduce surprise breakdowns and costly repairs.
How long should items last?
Replaceable items have a life expectancy that can be figured either by referencing the manufacturer’s specifications or turning to an authority’s recommendations. A licensed property management company, professionally licensed repair and installation vendor, or a government organization such as HUD can be good resources for this type of data.
In general, mini-blinds should be replaced every two years. Carpet and paint should be updated every seven years. The reason these items need replacing so soon is because the materials they are made of breakdown easily with continued use.
How long do electronic appliances last?
Kitchen and laundry appliances, air conditioning systems, heating systems, and hot water heaters last far longer than mini-blinds. This makes it especially important to purchase appliances made by trusted manufacturers. They are generally covered by a good warranty period which can help defer costs if a replacement product is needed.
On average, most home appliances, such as stoves and refrigerators, last about 5 to 10 years. The actual timeframe will depend upon how well they’re maintained. Remember, not everyone treats their appliances the same way. The more tenants who handle the appliances, the more likely it is you’ll have to replace them in five years. Of course, premium appliances are made to last longer, but they also cost a lot upfront.
Not sure if it’s time to replace an appliance?
No one likes to spend money if an appliance can still operate safely after a repair. However, sometimes it makes a lot of sense to replace rather than fix broken appliances. When you’re on the fence about replacing, here’s how to make a decision. If the cost of a repair is 50% or more of the cost to replace, replace it.
Tyson Properties manages single-family homes for in- and out-of-state landlords. We’re a Better Busines Bureau accredited company, and we follow U.S. Fair Housing Laws.
For more information regarding the management of a rental property and how Tyson Properties can help you profit from your investment, call us at 505-323-2104.
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