AN OUNCE OF PREVENTION …
Truth? There is nothing sexy about fall preventive maintenance!
But let’s do the math anyways. As real estate investors, we understand the power of leverage. We “spend” $100,000 to invest in a $400,000 property, and calculate our returns based on the $400,000. With good cashflow, mortgage paydown, and even appreciation over time (on the $400,000), we don’t hesitate!
Ongoing preventive maintenance is one of the best ways you can protect your properties, and your Return on Investment (ROI). So WHY are some investors reluctant to do twice a year maintenance on their properties? $100 spent to fix a downspout, can save thousands (ROI over 1000%). A simple washer repair, for a leaky faucet, can prevent water damage below that sink (again HUGE ROI). And changing those batteries on your smoke/CO detectors just might save a life one day (how do you measure that ROI?).
And, it’s time!
You can simply google “fall maintenance checklist” and pick your favourite one. The trick is in the follow through—will you actually invest a little time to protect your properties? Here’s a few suggestions to get you started.
In Calgary, this will be a nice weekend, so let’s start outside. Take a really good look at your roof—does it need a few repairs before the snow flies? Check the gutters and downspouts: are they clear enough to allow the snow melt to run off AND away from the foundation? Many of our tenants will mow their own lawns and rake their own leaves—but do you have any trees that need trimming? Some tenants don’t realize that the exterior taps should be drained, and hoses stored inside—never hurts to double check! And fall is a great time to walk around looking for any signs of critters (birds, squirrels, mice, raccoons/skunks, etc…); did any of those pesky animals find a new way into your house? Fall is a fabulous time to critter-proof, as most of the babies will be gone.
Then, with COVID precautions, it’s time to inspect the interior. Again many of our tenants will replace furnace filters—but let’s not take that for granted! If you left them 3 spares in the spring, are there still 3 spare filters sitting there? A little reminder never hurt anyone! In addition, professional furnace and vent/duct cleaning is well known to extend the life of the furnace, and improve the air quality of the home. Next, check the weather stripping and caulking around the doors and windows. Inspect the fireplace; if it is used a lot, cleaning the chimney is simple and inexpensive fire prevention. And while we’re on that subject, it’s time to check the smoke/CO detectors to make sure they work, and to change batteries. Keeping a log of your smoke/CO inspections is an ideal piece of paperwork for your insurance company!
This is by no means an exhaustive list. Everyone will have their favourite HGTV guru that they follow—just find a maintenance list that fits with your properties and your climate. The key is to have a list, and follow it through every fall.
More than ever, this year tenant retention is the name of the game; and tenants will be spending a lot of time in their house this winter. We can show them we value their health and home by spending a little time on repairs and maintenance. Plus, we know this time can pay off dramatically by preventing bigger maintenance issues.
We intentionally left a few key items off this list. Have some to add? Feel free to post in the comments below.
