Location is the priority during the rental property purchasing phase, whereas planning is the main focus after acquiring and renting out a San Diego investment property. As a top property management company in San Diego, Realevate Specialists advise the following:
- Plan for maintenance expenses. We remind our clients to expect the unexpected, and to plan on spending the equivalent of approximately two months’ worth of rent per year on maintenance costs. By planning for these maintenance costs, they won’t be so overwhelming when the need arises.
- Plan on items breaking. Appliances, faucets, water heaters, heating, and AC units—these things degrade over time.
- Plan on tenant turnover. If tenants remain content, they will likely stay longer. However, even the most content tenant will eventually leave since situations change. Tenants may buy their own home, or relocate for employment or schooling.
- Plan to repeat the process. After a tenant leaves, you must prepare your San Diego investment property to receive a new one. Costs will vary, but you may need new paint or carpet. Moreover, you may need to bring the home up to code or do repairs because of normal wear and tear.
As the familiar statement goes, “If you fail to plan, you plan to fail.” Avoid failing! Plan maintenance costs and be proactive about problems as they appear. Planning places you on the path of success in real estate investing.
Would you like to learn more about our San Diego property management services? Please contact us for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.