What Will Cost Landlords Money Owning a Rental Property in Arlington?
Maintenance is an expense that will impact every rental property owner, and today we want to explore the things that will cost investors the most money on their Arlington properties. Whether you’re currently renting out a home in Arlington or you’re thinking about investing in the area, this will help you prepare and budget for the most common maintenance expenses.
Arlington is a diverse real estate market. When you buy here, you have options that span every size, neighborhood, and price range. You can buy a fourplex or a mansion. Even with its diversity, most of the maintenance issues are generally the same.
Foundation Issues in Arlington Properties
Your foundation may cost you money now or in the future. Texas has expansive soil, and if you don’t water your foundation with a soaker hose, you will eventually have issues. Those issues are always going to be expensive. Be as preventative as you can and water that foundation when you have the opportunity.
When you’re thinking about how to pay for things like foundation work or any type of repair, make sure you have up to date insurance. You want your policy to reflect an accurate property value in case you need to rebuild or replace. You might have a hail storm that punches holes in your roof. If you’re not covered for that damage, you may be responsible for paying to repair it.
Cheaper is Not Always Cheaper: Bad Make-Ready Work is Expensive
Another maintenance expense for investors in Arlington is completely avoidable, and that’s shoddy make-ready work. If you don’t want to invest in repairs and maintenance when a resident moves out, your new resident will have issues, and you’ll find yourself paying three or four times the amount you would have paid if you had simply taken care of the problem the right way the first time.
Cheaper is not always cheaper. If you don’t live in Texas or you’re not familiar with the soil situation or the quality of the work that’s available from local contractors or vendors, you may be drawn to cheap prices. But, the next thing you know, those vendors didn’t do what was advertised or promised, and you have to have the work done again and again. So, don’t settle for cheap when it comes to fixing things in your Dallas area investment property.
This is especially true when you’re paying for foundation work. Lots of companies will offer a lifetime warranty after they work on your foundation. Do your research, however. A lifetime warranty only extends to the lifetime of that company. See how long they’ve been around. Make sure they’ve been in business for a while.
This is the same thing you should do with roofing and plumbing companies. A brand-new company might not be less trustworthy necessarily, but you can’t be sure they’ll still be in business in a year or two.
Maintenance on Major Appliances and Systems
Regularly servicing your major appliances and your HVAC system will save you money in the long term on your maintenance expenses. Your air conditioning in Arlington is going to be used nine or 10 months out of the year. Plumbing also needs to be inspected and serviced regularly, especially since there will be problems with plumbing if your foundation shifts. Always have your foundation serviced routinely.
Think about the age of your Arlington investment property as well. There are a lot of older homes in this market, and if you’re buying in an older part of town, you might need help from the city to have your lines reconnected.
The maintenance costs are always a good thing to consider when you’re purchasing a rental property in Arlington. Get proper inspections and do your due diligence. There’s a wide variance in how these properties have been treated over time.
Factor in what these costs are going to be before you buy. That truly could make or break your investment strategy. If you didn’t plan on these maintenance costs and you don’t have the reserves to cover it, you’re in trouble.
Have your inspections done so you know what you’re getting. Make sure you’re paying attention to all the things that can potentially break or need work at the property.
Also, if you want to keep your real estate investment education going, we have a number of other opportunities to connect with us. You can learn more about investing in Dallas with us online.
Visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
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In the meantime, learn more about ways to start with a smaller downpayment here.