As a real estate investor, owning a property can bring in a lot of income and provide excellent opportunities for great returns, but it can also come with a few big surprises. Today, we are talking about surprise rental property expenses and what you can do to ensure they don’t cause problems for your budget.
Expenses Landlords Rarely Expect
Some of the most common surprise rental property expenses include things like a pipe that bursts or a water heater that explodes and needs to be replaced. You might suddenly face a roof leak or a plumbing problem that backs up into the house and causes additional problems for your floors and walls. You might find you have a problem with rodents that get into the house and basement or other sub areas of your home. Termites can be a huge problem that many landlords forget to plan for. In rural areas, you can have problems with raccoons or snakes and other types of animals that need to be removed.
These expenses are not things that you can charge the tenant for. They are expenses that you incur as a property owner, and they’re part of owning and maintaining the property. You are legally required to provide a safe and habitable home for your tenants, and taking care of these unexpected problems and emergencies is part of your responsibility as a landlord. As a property owner, you always need to expect those unexpected expenses. Keep a reserve on your property for these situations, because you never know what will come up. If you can save some of your rental income every month and put it aside for surprising maintenance and repair items, you won’t have to worry about how to pay for them when they happen.
These are some of the rental property expenses to look out for. If you have any questions about how to handle them or where to find outstanding property management in Pleasanton, CA, please contact us at Action 1 Properties.