The key to minimizing expensive repairs during the life of your investment is to conduct a comprehensive renovation. Doing so allows you to maximize your monthly rental income, instead of spending it on fixing big-ticket items in the home.
Here are a few major components I tend to replace during my rental property renovations:
Roof – A solid roof is an essential structural component of your property, so you’ll want to have it inspected during renovation. If I purchase a property that has a roof with 20 years of life remaining, I’ll leave it be. If the home needs a new roof or an overlay, I’ll be sure to get it done! Here’s how to determine when to replace the roof on your rental property.
Windows – Fully functioning windows are also important. I like to purchase new white, vinyl windows that support the insulation of the property. My tenants love this because it keeps their utility bill low! Typically, I purchase windows from Pella or Anderson.
Electrical – I always install 200 amp electrical panels on my rental properties. Running new electric is like future-proofing your house! It’s not much more expensive than a 100-amp panel.
Plumbing – We rip out old galvanized pipes, in additional to PVC. I install new PEX plumbing in my rentals for multiple reasons, including it’s durability in cold weather.
Furnace – We install new furnaces, which are sure to last 10-15 years.
Water heater – A new water heater is fairly inexpensive and comes with a 10-year manufacturer’s warranty.
Replacing all of these main mechanicals will set you up for a rock solid house for years to come, minimize your repairs, and keep your costs low!