If you are a property owner that is thinking about putting your property up for rent, there are a number of things to keep in mind like budgeting for repairs and maintenance. However, remember that we can always help you with this as a full service property management company in Culver City and surrounding areas.
When coming up with a budget for costs, there is no set amount that should be set aside for all properties alike. It really depends on the type of property to have and where it’s located. Repairs and maintenance are independent variables that relate to several factors, but there is a popular rule that states that 1% of your property value should be set aside each year for these items. Another rule that states that you should budget $1 a year per square foot, which makes more sense since it does not take into consideration market value ups and downs. You can also mix these rules and to get an average. The factors you should consider are:
- The age of the property; the older it is, the more maintenance it will need.
- The weather of the area where the property is located. Very hot or humid climates affect your property differently than colder temperatures.
- Overall condition and care of the previous owner
- Location: ie. Whether the property is on a hill, located on a busy street with lots of traffic, exposed to salty ocean breeze, etc. Each element will affect the property differently.
These factors play an important role regarding the cost of maintenance and repairs for you property. If you need any advice on budgeting or are looking for property management services, call us. We will look forward to hearing from you!
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