Maintenance is an inevitable part of owning a rental property, and everything inside of your properties will eventually need repair or replacement. While this is anticipated and relatively inexpensive for some items, like the carpet underneath your tenants’ feet, it can be costly when it comes to major appliances. Replacing appliances at your rental property can become a major expense, but sometimes repairing old, energy-guzzling ones isn’t a better option either. There are several factors you should consider when deciding to repair or replace at your rental property.
4 Factors to Consider When an Appliance Breaks at Your Rental Property
- Appliance Age: Age isn’t just a number when it comes to your appliance, as older appliances are more likely to use more energy, be less efficient and require more repairs. For example, if a refrigerator is only a couple of years old, repairing it outright might be the best option. This is especially true when appliances are still under warranty. Every appliance also has an average life expectancy that you can factor in when determining whether to repair or replace. If the repairs will be costly or near the end of its lifespan, upgrading could be a more cost-effective plan.
- Energy Efficiency: Energy efficient appliances consume less energy, which is great news for your bottom line if you cover electricity costs or your tenant’s bottom line if they cover them. They also help to reduce the environmental impact of your rental property on the community, which appeals to environmentally-conscious Denver renters!
- Stylish: In an area with higher expectations or in a luxury property, matching appliances are often expected. If you plan on maintaining a certain look in your rental property, replacing major appliances around the same time with models that coordinate with each other is a good idea.
- Repair Cost: Finally, consider the cost of repair. If the repair is merely putting a band-aid on a bigger problem and will require numerous future repairs (as well as potential bad reviews from a tenant and repeated maintenance requests), replacing outright could be the best choice.
Maintain Your Rental Property with All County Denver Metro Property Management
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.