SEATTLE (Zillow) — If you plan to be a landlord, you should know that owning and managing property is hard work and can be very stressful. All kinds of issues can occur, taking up your time, energy and effort and possibly making you wish you had never become a landlord. Here are a few things rental property owners can do to ease headaches and help reduce the risk of having issues. They don’t always work, but hopefully they will be worth your while to implement and follow.
Put properties in good shape
Properties that are in good shape usually are treated better by your tenants. Everyone wants to live in a nice, clean place, and renters will probably take better care of your properties if you’ve provided them a nice place to live. Try to do the work when you first buy the unit and it’s vacant — upgrades when you have a tenant inside will be a major pain for all parties. Items such as newer flooring, paint, appliances, window coverings and landscaping are good bets. They’re expensive, but hopefully you’ll thank yourself for needing to make fewer repairs down the road.
Have plumbing fixtures and valves changed out
Water issues are prevalent in all properties, and they can cause the most damage and be the most time-consuming to resolve. If the plumbing valves, supply lines, faucets, toilets or washer/dryer hoses haven’t been changed in years, it’s probably time to do that. Make sure the main water shut-off valve works — and that your tenants know where it is — just in case. Again, these measures are costly, but you’re trading an upfront investment for lowering your risk of problems from a leak.