Did you know that most real estate and property management experts recommend that you save up (keep in reserve) between 1% and 3% of the value of your rental property each year for real estate repairs? That’s a lot of money and, sometimes, for big repairs it may not be enough. Replacing carpets and pads or flooring, updating appliances, or cleaning out mold or plumbing problems can easily run thousands and thousands of dollars.  How can you get the best deal on repairs? Don’t worry, we have some ideas. . .

One way to score deals is to make friends with contractors. Hopefully you’ve already got some contacts that are renovate and repair specialists, but make sure that your relationships with them are solid and that you can rely on them to give you a good price. A relationship of trust can take you a long way in business. Remember, though, when a contractor gives you a good deal that you need to throw some business their way as a thank you!

Another way to save money on repairs is to do your own demolition work. Putting in new pads and carpets takes special tools, but pulling out ruined carpet doesn’t.  Consider going in and doing the necessary demolition work before the contractor’s team comes in thereby saving time and money.

Maintenance is your stitch in time. Remember the old saying “a stitch in time saves nine”? Well, regular maintenance is your stitch in time. In other words, spending some money now on regular maintenance will save you nine times that amount later. It’s way cheaper to get your sprinkler systems professionally drained and blown out than it is to dig them up and repair in the summer.

Tax Deductions. Many property owners are surprised to discover that they can deduct many kinds of property repairs on their taxes. Check with your accountant for specifics, but just know that deductions are available.

Do it yourself. There are plenty of small repairs that come up that you are perfectly qualified to do yourself.  You can repaint a room or clean the carpets in a small amount of time.  Many times property owners feel too pressed for time to do this but if you look at your calendar you can probably carve out 10 hours a week to spend on small maintenance and that will really save you money!

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