Preventive Maintenance Helps Ensure ROI!
Get the Most out of Your Property by Taking Care of Problems Before They Cost You Money!
Preventative maintenance is the backbone of a well-managed rental property. Not only does it keep tenants happy and ensure their safety, but it's also a smart business move that safeguards your investment. By addressing issues before they become major problems, you can save money, retain current tenants, and attract new ones. Below, we'll break down a comprehensive preventative maintenance schedule to help you keep your property in top-notch shape throughout the year.
Monthly Maintenance:
- Test Alarms: Ensure that smoke and carbon monoxide alarms are in working order by testing them each month.
- Fire Extinguishers: Regularly check fire extinguishers for any signs of damage or wear.
- Garbage Disposal: Clean the garbage disposal by sprinkling half a cup of baking soda, followed by a cup of white vinegar. Rinse with hot water or use chopped citrus peels as an alternative.
- HVAC Filters: Most HVAC filters should be replaced every two to three months. Check the manufacturer's label for specifics.
Seasonal Maintenance:
Fall:
- Inspect HVAC: Schedule an HVAC system inspection either at the beginning of fall or near the end of summer to ensure it's ready for the heating season.
- Service Water Heater: Have a professional service the water heater during this season to maintain its efficiency.
- Check for Leaks: Inspect the property for leaks around faucets, appliances, showers, and toilets.
- Windows and Doors: Check windows and doors for moisture residue and reseal them if necessary.
- Examine for Entryways: Identify and seal small entryways that pests could use to access the property.
- Exterior Maintenance: Assess the exterior for paint updates and siding replacements.
- Roof and Chimneys: Check the condition of the roof and inspect chimneys and fireplaces.
- Clean Gutters: Clean gutters in late fall before the first snowfall.
Winter:
- Inspect the Roof: Consider inspecting the roof if a severe storm occurs during the winter.
- Clean Fridge and Freezer Coils: Ensure that tenants clean the coils of the refrigerator and freezer, as this can impact appliance efficiency.
Spring:
- Roof Inspection: Revisit the roof to check for any damage or leaks.
- Powerwash: Use a power washer to clean siding, windows, patios, and sidewalks to remove residue from fall and winter.
- Window Screens and Caulking: Assess if any screens need replacement and check for leaks around sinks, showers, and toilets. Replace caulking as necessary.
- Window and Door Locks: Make sure all locks are in good working order.
- Water Heater and HVAC: Flush the water heater and service the HVAC system.
- Lawn Care: Fertilize the lawn and turn back on the sprinkler system.
- Remodel and Renovate: Tackle any renovation projects you've been postponing.
Summer:
- Dryer Vent and Exhaust Fan: Clean the dryer vent (at least once a year) and the kitchen exhaust fan.
- Reseal Grout: If grout needs resealing, summer is an ideal time for this task.
- Thermostat Check: Ensure the thermostat is working correctly.
Preventative maintenance is an essential aspect of property management. By following this year-round guide and addressing problems as they arise, you can keep your rental property in excellent condition, reduce costly repairs, and keep your tenants happy. A well-maintained property not only saves you money but also attracts and retains quality tenants, making it a win-win scenario for both you and your renters. If you ever find that you are putting in more time and work than you would like to keep your property in excellent condition, it may be time for a property manager. Reach out to McKenna Property Management for your all of your property management needs!
Helping Your Child Buy a Home: Smart Strategies with Tax Benefits Many parents want to help their children buy a home, but doing so in a way that also provides financial and tax advantages is key. Here are a few strategies to consider when assisting your son or daughter with homeownership while maximizing tax benefits. 1. Gifting Money for a Down Payment The IRS allows individuals to gift up to $18,000 per recipient annually ($36,000 for married couples) without triggering a gift tax. If you stay within this limit, your child receives a down payment boost without tax consequences. 2. Loaning Money to Your Child Instead of gifting, you can lend money at the IRS’s Applicable Federal Rate (AFR), which is often lower than traditional mortgage rates. Structuring it as a formal loan allows your child to build equity while you may receive interest income. 3. Co-Signing or Co-Owning the Home Some parents choose to co-sign a mortgage or co-own the home. While this can help secure better loan terms, it also means shared financial responsibility. If you co-own, you may be able to deduct mortgage interest and property taxes on your tax return, depending on usage. 4. Buying the Home as an Investment Property If your child pays you rent, the home could be classified as an investment property. This allows you to deduct expenses like mortgage interest, property taxes, and maintenance. However, rental income must be reported to the IRS. Final Thoughts Every financial situation is unique, and tax laws change. Consulting with a tax professional or estate planner ensures that your support aligns with your financial goals and tax strategy. Helping your child buy a home is a generous step—doing it wisely ensures benefits for both of you.
When applying for one of our rental properties, we use a comprehensive screening score sheet to ensure all applicants are held to the same standard. The score sheet evaluates various aspects of your financial stability and rental history, helping the landlord make informed decisions while maintaining a fair and transparent process! Here’s a breakdown of how we assess your application utilizing the screening score sheet: 1. Length of Residency: While longer periods at previous residences typically suggest reliability and commitment, we understand that some applicants may be first-time renters. We welcome first-time renters, and on the screening score sheet, you can assign yourself a "1" under "Length of Residency" if this is your first rental experience! 2. Collections: We review any outstanding collections, including monthly utilities or bills, as well as loans (excluding medical bills). This helps us assess your overall financial responsibility. Your estimated monthly payment for all your loans, utilities and bills is also taken into consideration. 3. Rent-to-Income Ratio (per household): To ensure you can comfortably afford the rent, we require that your monthly income is at least 2.5 times the rent amount. This ratio helps us verify your ability to manage rent payments alongside other living expenses. 4. FICO Score: While there is no specific minimum FICO score, we do take it into account when evaluating your financial health. A higher score indicates a history of responsible credit management. 5. NSF/Late Payments & Landlord Disputes: We look into your rental history to ensure that there are no frequent NSF (non-sufficient funds) or late payments, and that there are no unresolved disputes with previous landlords. Please note that all application charges are non-refundable, and every occupant over the age of 18 must submit a separate application. Our scoring system ranges from 0 to 21, with 15 being the lowest acceptable score. All approvals or denials are ultimately decided by the property owner. We do not operate off a first come first serve basis, so if you are curious about the status of applications prior to applying, please don’t hesitate to call our office! By using our screening score sheet, we aim to create a rental environment where both tenants and property owners can thrive. This score sheet can be found on our site, under the Before You Apply Manual, as well as under “Rental Resources”.
Looking to declutter your home while making some extra cash? The outdoor swap meet at the Downtown Recreation Center in Henderson is the perfect opportunity! Whether you’re cleaning out your closets, clearing space in your garage, or finding a new home for gently used toys, books, and clothes, this event is your chance to turn those items into money. Each booth equals two parking spots, and registration is required at least one week in advance. All booths are assigned randomly, ensuring a fair and fun atmosphere for all. Remember, only second-hand items can be sold, so it’s a great way to recycle and give your items a second life. Event takes place April 19th & May 17th! The swap meet opens at 7am, so come early to shop! Admission is free for all ages, making it a perfect outing for families looking to find unique treasures. Ready to get started? Simply register on the City of Henderson website to secure your spot. It’s time to clean out, earn some extra cash, and find something new – don’t miss out on this exciting event at the Downtown Recreation Center!
