To enhance the long-term value of your rental property, particularly if you have plans to sell it soon, it is advisable for landlords to prioritize regular maintenance and necessary repairs. Implementing cost-saving measures while ensuring the property remains in excellent condition can be beneficial. Although cutting corners on repair costs is not recommended, there are effective strategies that can help landlords save money when making repairs on their rental properties in Illinois. Below, we will discuss some of our preferred methods for reducing repair costs on investment properties in Illinois.
Build A Reliable Team
Establish collaborations with reliable contractors to ensure that repairs are consistently conducted with expertise and that you have trustworthy individuals working on your property. This ensures peace of mind, as you will not have to worry about substandard work or incorrect repairs. Furthermore, having a dedicated team available to handle the cleanup post-repairs is essential. A competent landlord will always have a preferred cleaning service they can rely on to efficiently complete the task.
Deal With Scheduling Repairs Yourself
Entrusting tenants with repairs is akin to granting them unrestricted authority. Their primary concern will be resolving the issue rather than considering cost-efficiency. To ensure both the quality and affordability of repairs, it is advisable for landlords to take charge and select appropriate professionals for the job. By overseeing the process, landlords can ascertain that the repairs meet their satisfaction and avoid potential expenses resulting from subpar workmanship chosen by tenants.
Screen Your Tenants Thoroughly
Occasionally, repairs may be necessary due to damages caused by your tenants. To prevent such issues, it is crucial to thoroughly screen prospective tenants. This includes contacting their previous landlords and conducting background checks on all individuals who will reside in your property. Even if you have a personal relationship with a potential tenant, it is important not to assume they will maintain your property to the desired standards. Always encourage tenants to promptly report any problems or unusual occurrences they observe. By detecting a leak early on with the assistance of a tenant, you can potentially save thousands of dollars in water damage expenses that you would otherwise be obligated to bear.
Make The Repairs Yourself
You don’t need to possess carpentry or plumbing skills to address basic property repairs. Many tasks can be managed independently with some effort. However, it is crucial to be confident in your abilities and knowledge before attempting any repairs. Avoid taking on more than you can handle, as this may result in additional repair needs. Understand when it is necessary to hire a professional and when it is feasible to handle the situation on your own. Although the do-it-yourself aspects of being a landlord may not seem glamorous, the significant return on investment will outweigh any concerns.
Landlords encounter various expenses throughout the duration of their investment. By efficiently managing repair costs, landlords can achieve significant savings and maximize their profits.