In Virginia, a tenant has a right to a livable dwelling unit. If a condition exists in a rental dwelling that threatens the life and safety of a tenant, they can terminate their rental agreement and receive a full refund.
This can cost landlords thousands of dollars. The best way to avoid a negative outcome is to ensure you take care of property maintenance and repairs.
If you don't have the time or expertise to maintain your property, a rental property management company can help. Who is responsible for paying for maintenance and repair costs when you seek this help? Keep reading to find out.
Who Pays for Property Repairs in Hampton Roads?
When you hire a rental property management team, you do so to take some of the responsibility off of your shoulders. A property manager should coordinate maintenance tasks, but they won't be responsible for covering the costs.
Landlords are typically required to pay an additional fee to cover maintenance. More likely, you'll be asked to set aside a reserve fund to pay for rental property maintenance and repairs.
As rental property repairs and maintenance issues arise, a property manager will use the reserve fund to ensure the repairs get done.
Who Hires Property Maintenance Contractors?
A property management company will hire maintenance contractors using money in the reserve fund. Finding reliable repair contractors can take a lot of time and money.
Part of a rental property company's responsibilities include finding contractors for repairs. Many property managers have a network of people they've worked with in the past.
Landlords can weigh in on the contractors that property managers hire.
If there are contractors you want to avoid because of past experiences, make sure to let your property manager know. Similarly, if you've had a negative experience with a contractor in the past, a property manager will avoid them.
How Much Does Property Maintenance Cost?
Property maintenance costs can vary based on the size of the property and other factors.
A rental property management company can look at your property accounting to decide on an average price for maintenance. The company will then ask you to put a certain amount of money in the reserve fund.
As reserve fund cash is spent, you can restore money using a portion of your rental income.
By understanding the average cost of maintenance and repairs, you can establish a price limit. If a job is expected to go over the limit to the amount of money per repair, a property manager will ask for your permission before coordinating maintenance.
You can also establish a routine rental property maintenance checklist to mitigate the risks of costly repairs in the future. When you maintain your property, you can save money in the long run.
Hire a Hampton Roads Rental Property Management Company
Hiring a rental property management company in Hampton Roads comes with many benefits, including maintenance coordination. Maintenance is required to keep your property livable and save you money over time.
At Renters Warehouse, we've been helping landlords like you build personal wealth since 2007. Our team of property managers is local and licensed to handle your rental tasks.
Contact us today to learn how we can help your property thrive.
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