Plumbing has the Potential to Make or Break Your Rental Property
Landlords and property owners often overlook the condition of their rental property’s plumbing as what is out of sight tends to be out of mind. However, such neglect is a danger to your rental property, the tenants living at the property and your pocketbook. Fail to maintain your rental property’s plumbing system and it is only a matter of time until you end up with costly damage that takes a chunk out of your revenue stream. In other words, plumbing really can make the difference between a profitable rental property and one that either breaks even or loses money. Here’s why.
Consider the Damage and Cost of a Leaky Pipe
If a pipe at your rental property leaks, there is no guarantee the tenant will report it to you in a timely manner. In fact, some tenants will wait until major water damage occurs to let the landlord or property owner know about the plumbing problem. If you are even slightly suspicious there might be a leak at your rental property, perform your due diligence by hiring a plumber to check it out. Even if the leak turns out to be small, it has the potential to lead to a wasting of upwards of 90,000 gallons of water every single month. If you are like most landlords, you include the price of water in the monthly rent. Therefore, the spike in the property’s water bill stemming from the leaky pipe will be your expense as opposed to the tenant’s.
Spend for Annual Plumbing Maintenance to Save Big Bucks Down the Line
Sadly, many property owners and managers scoff at the notion of paying for annual plumbing maintenance. The general assumption is the plumbing system will function without flaw so it is not sensible to pay for plumbing maintenance every single year. However, the little bit of money you spend on annual plumbing maintenance has the potential to save you a ton of money down the line. An experienced plumber will inspect the entirety of your plumbing system to determine if there are any looming problems. This in-depth analysis is worth every single penny as it will clue you into problems as they develop so you can have the necessary maintenance/repairs performed before those problems spiral into major repair or replacement projects that prove egregiously expensive.
The Plumber’s Advice Will Help Your Rental Property be a Money-maker
Pick the plumber’s brain when he or she is performing annual maintenance and/or repairs. Ask any questions you have, raise your concerns and listen closely to the plumber’s responses. The plumber will provide invaluable advice that helps you keep the rental property plumbing fully functional and in tip-top shape as time progresses. This useful advice does not replace annual maintenance yet it will certainly help you prevent costly plumbing problems down the line.
Professional Plumbing Prevents Tenant Drama
Neglect your rental property’s plumbing and one or several plumbing problems might arise that eventually spiral out of control. If tenant belongings are damaged as a result of your neglect or if the property proves uninhabitable due to a plumbing leak, the tenant might sue. The last thing you need is a lawsuit to worry about. Spend the small amount of money necessary for professional plumbing service and you will rest easy knowing you won’t have to respond to any lawsuits due to damage resulting from neglected plumbing.
Unclog Toilets and Drains Before new Tenants Move In
If your rental property is like most others, there is a fairly high turnover rate. After all, renters find other apartments to live in that are closer to work, some buy homes and others move back in with the parents. If a toilet or drain in one of your apartments is clogged, it must be cleared before the next tenant moves in. Such clogs often indicate a more significant overarching problem.
As an example, a clogged toilet often signifies an issue with the main plumbing line. Let the plumbers perform the necessary draining, remove obstructions within the line or address the underground blockage on your behalf. This way, the next tenant who moves in won’t have to deal with a clogged toilet or drain that sours him or her on the apartment right off the bat.