There are several recurring rumors regarding rental repairs in the Hampton Roads Region, and many misinformed myths misconstruing maintenance matters. While the need to perform maintenance and repairs on rental property is inevitable, they do not have to be nightmares. So let’s clear up some of the most common rental property maintenance myths:
Rental Property Maintenance Myth #1: Do-it-Yourself Repairs Always Save Money
Being able to take care of your own repairs around the house definitely comes in handy, and can be a great way to save a few bucks when managing a rental property. If you’re a skilled handyman and can handle small repairs, basic plumbing tasks or appliance fixes, by all means save yourself from calling a local tradesman to make the convenience call.
However, from the wisdom of Kenny Rogers, “You’ve got to know when to hold ‘em, Know when to fold ‘em.” Rumor has it that Kenneth wrote this song based on his experience watching his carpenter father selectively turn down jobs (ok, only part of that factoid may be true…). But the counsel still stands; even the best DIY jack- (or jill-) of-all-trades knows when to leave repairs to the pros.
Oftentimes, even if you can handle the rental property repair job yourself, does not mean you should. How much is your time worth? Even if you’ve got the time and energy to take care of the repair yourself, often it makes financial sense to let a dedicated professional handle the job. Even the most capable DIY landlords will find themselves in over their head if they try to handle every job.
Additionally, Hampton Roads tenants do not care if you are saving money by doing it yourself. If you cannot confidently complete the job quickly, conveniently, and correctly, you owe it to the tenant and yourself to find a qualified technician. Of the things within your control, one of the leading causes cited by tenants leaving a rental property when the lease is up, is because of bad experiences from poor maintenance. The money you might save doing it yourself is often just a delayed (and greater) loss. The same can typically be said about the cost of hiring a full-time property manager. Sometimes it’s just a convenience, but many times the cost of hiring a professional property manager makes the most long-term financial sense as well.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.