In order to bring more long term value to the rental property–especially if you’d like to sell in the near future–it’s often recommended a landlord should keep up with regular maintenance any ultimately make the necessary repairs. You can find ways to save money making repairs in order to always keep your property in tip-top shape. Repairs aren’t necessarily the place where you want to skimp on costs–however, there are some great ways you can save money on repair costs for your Washington rentals.
Maintaining a rental property can be expensive, but keeping it in good condition is essential for attracting and retaining quality tenants. Fortunately, there are several ways landlords in Washington can cut costs while making necessary repairs. Learn about some of our favorite ways landlords can save money making repairs on your Washington investment properties.Here are some smart strategies to help you save money without sacrificing quality.
1. Build Relationships with Local Contractors-Build A Reliable Team
Establishing a relationship with reliable local contractors can save you money in the long run. Many contractors offer discounts or more favorable rates for repeat business. Additionally, a trusted contractor will be more likely to prioritize your projects and offer quicker turnaround times, which is crucial when trying to minimize vacancy periods. Shop around in Washington for contractors that offer competitive pricing but deliver quality work.
Partner up with some contractors who you can turn to again and again. This way you will attain the peace of mind in knowing the repairs are being done properly and that you have someone working on your house who is true to their word. You won’t have to worry about poor work ethic or the repairs being completed in the wrong way. You can also have a team readily available to handle the cleanup once the repairs are completed. Every good landlord will have a go-to cleaning service they know and trust to get the job done.
2. Buy Materials in Bulk
If you own multiple properties or know that certain repairs will be needed regularly (such as replacing light fixtures or repainting walls), buying materials in bulk can save you a significant amount. Hardware stores often provide discounts for bulk purchases, and stocking up on commonly used items like paint, plumbing supplies, and cleaning products ensures you’re prepared when repairs come up. Look for local suppliers in Washington that offer bulk discounts to save even more.
3. Bundle Repairs to Save on Labor Costs
If you’re hiring a contractor, bundling multiple repairs into one visit can reduce labor costs significantly. Instead of calling a plumber for a small leak today and then a separate contractor for a broken faucet next week, schedule both repairs for the same visit. This can cut down on travel and labor fees, helping you make the most of each contractor visit.
4. Deal With Scheduling Repairs Yourself
When you leave the repairs up to the tenants, it is like handing them a blank check. They aren’t going to be worried about saving you money, they are going to worry about getting the problem fixed. If you want your repairs done right and done at a fair price, it is best for you to handle them yourself, finding your own people to do the job. Once the repairs are completed, you can make sure they are up to your level of satisfaction. If your tenant had chosen the vendor, you might find yourself having to pay for poor workmanship.
5. Source Secondhand or Discounted Materials
High-quality, gently used materials can help you save a considerable amount on repairs. Many construction supply stores or online marketplaces like Craigslist or Facebook Marketplace offer secondhand building materials at a fraction of the cost. Items like doors, cabinets, tiles, and light fixtures can often be found in excellent condition for much less than retail price. Keep an eye out for discounts or clearance sales at Washington home improvement stores, especially during seasonal sales events.
6. Screen Your Tenants Thoroughly
Sometimes the repairs are needed because your tenant caused the damage. One way to avoid such problems is to ensure you are screening your tenants thoroughly. Talk to your prospective tenant’s past landlords, and run background checks on anyone who will be living in your home. Even if you know the person who wants to move in, don’t assume they will take as good care of your property as you need them to. Always encourage your tenants to report any problems or unusual things they are noticing. If your tenant is able to help you discover a leak right away, you will be able to save thousands in water damage costs you may have otherwise been forced to face.
7. Prioritize Preventive Maintenance
The best way to save money on repairs is to prevent them from becoming major issues in the first place. Regular inspections and maintenance can catch problems early, saving you from costly emergency repairs down the line. For example, checking HVAC systems, plumbing, and roofing annually can help you avoid large expenses later. A small fix now can prevent a big bill in the future.
8. Make The Repairs Yourself
For landlords with basic repair skills, taking on small jobs yourself can be a big money-saver. Tasks like patching drywall, painting, replacing faucets, or fixing minor plumbing issues can often be done without hiring a professional. However, make sure you know your limits. Attempting major repairs without the proper skills can lead to more expensive problems down the line, so only DIY where you’re confident.
You don’t need to be a carpenter or plumber to deal with basic repairs the property needs. Many things can be handled on your own with just a little elbow grease. Of course, this should only be done if you are confident in your abilities and know what you are doing. Don’t bite off more than you can chew or you are likely going to find yourself with even more repairs to make! Know when to call in a professional and when it makes more sense to handle it on your own. Sometimes the DIY aspects of being a landlord can appear unglamorous, but when you see that tremendous ROI, it suddenly won’t seem to matter so much.
9. Offer Tenants Incentives for Minor Repairs
Some landlords offer tenants a slight rent reduction or incentives in exchange for handling minor repairs, such as fixing a small appliance or replacing light bulbs. This can save you from paying for a service call for simple tasks. Just be sure to clearly define what’s acceptable for tenants to fix and what remains the landlord’s responsibility to avoid complications down the road.
Landlords face many costs over the life of their investment. By being able to make repairs in a cost-efficient manner, landlords can save money, and put more of their profits in their pockets.