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Just like most things, properties that have been standing for a long time will show signs of deterioration, which is a natural and sometimes inevitable thing. If you purchase or own a building that is at least 40 years old, you can expect more maintenance responsibilities in the foreseeable future.
While the aging of a building is out of your control, property upkeep is. There are several measures you can take to delay or even stop further degradation, and knowing what to expect can help you be more proactive in preventing issues at the most inconvenient times, so what exactly should you watch out for?
Plumbing Issues
Aging pipes will start to endure corrosion, leaks, or clogging more easily. This can lead to low water pressure, frequent backups, and hidden water damage in your rental property. Given that plumbing is crucial to maintaining habitability standards, you need to address issues when they arise to provide your tenants with access to running water.
Electrical System Limitations
Due to updated safety codes, new materials, and modern technology, new electrical systems are much safer. Older buildings might have outdated electrical systems, which can no longer handle the power demand now. Considering the amount of electronics plugged into an average household, you either have to continuously conduct maintenance or update your system.
Roof Wear
Older roofing can be more prone to missing shingles and deteriorated flashing, which leads to leaks that can seep into walls, ceilings, and the foundation. If not addressed properly, this can result in additional problems, such as water damage, mold growth, and foundation erosion. Contractors will likely recommend that you update your roof, as you can save more long-term despite the high upfront costs.
HVAC Inefficiency
Temperature control is one of the core necessities in a rental property to keep renters comfortable. An outdated heating and cooling system will often break down or operate inefficiently, which can increase your utility bills. Replacing your HVAC system can be costly, depending on what you have in your rental, but it could be worth the cost since it increases your property value, as well as attracts potential tenants.
Structural Issues
Even with a solid foundation, time can still take a toll on your real estate property. You’ll start seeing signs of settling, such as uneven floors, cracks on the walls, and doors that won’t close all the way. While these may seem common in older buildings, further deterioration can lead to more serious structural concerns, putting your tenants at risk.
Code Compliance Complications
Building codes change over time, and your property might not meet the current safety standards in your city or state. To meet the basic habitability standards, you’ll be required to upgrade your rental, which can be costly. However, it can be of great benefit, since an upgrade can help you attract more tenants, as well as reduce long-term costs brought by maintenance issues.
Ways You Can Improve an Outdated Rental Property
Enhancing Your Curb Appeal
- You can apply a new coat of paint on your exterior walls to refresh the aesthetics of your property. Use neutral colors to make it easier for you to add more elements without colors clashing.
- Trim your plants, particularly your bushes, branches, and grass, to make your yard look cleaner. You can hire a professional gardener every few months to do this for you.
- Since the kitchen is a huge factor when it comes to tenants deciding whether they rent your property or not, updating the cabinetry, countertops, and backsplash can go a long way.
- An outdated property can be complemented with plants, since it can both brighten the place and add a bit of color. You can place them in corners or window sills so they can thrive.
Improving Functionality
- You can increase your tenant appeal by adding smart home features, such as smart thermostats, smart speakers, smart lighting, and smart locks. These may come with high upfront costs, but they can help you reduce bills in the long run.
- Add energy-efficient appliances. Like smart home features, energy-efficient appliances can reduce energy bills and appeal to eco-conscious tenants.
- Prioritize your rental property functions by updating your plumbing, electrical, and HVAC systems. These three are usually the source of maintenance issues, and addressing them early on can effectively lighten your maintenance costs.
- One cost-effective measure is to update your fixtures. Light fixtures, faucets, showers, door handles, and cabinet hardware contribute to the efficiency of your rental property. At a low cost, you can make noticeable improvements that can help with tenant satisfaction.
Outdated Rental Property FAQs
What maintenance issues are most common in rental properties that are over 40 years old?
- Older rentals commonly face plumbing leaks, outdated electrical systems, roof deterioration, inefficient HVAC units, structural settling, and code compliance issues due to aging materials and systems.
How do aging plumbing systems affect the habitability of an older rental property?
- Corroded or clogged pipes can cause low water pressure, frequent backups, leaks, and hidden water damage, all of which can compromise habitability and require immediate attention.
Why are outdated electrical systems a concern in older buildings?
- Older electrical systems may not handle modern power demands, increasing the risk of tripped breakers, electrical failures, or fire hazards, and may not meet current safety codes.
When should a landlord consider replacing an older roof instead of repairing it?
- If the roof has recurring leaks, missing shingles, or deteriorated flashing, replacement is often more cost-effective long-term and helps prevent water damage, mold growth, and structural issues.
What upgrades provide the best return on investment for outdated rental properties?
- Updating core systems such as plumbing, electrical, and HVAC typically offers the highest return by reducing maintenance costs, improving efficiency, and increasing property value.
What are cost-effective ways to improve functionality without major renovations?
- Replacing fixtures, updating lighting, adding energy-efficient appliances, and installing smart home features can significantly improve usability and tenant satisfaction without major construction.
Get The Extra Care Your Property Needs
Older properties tend to require more maintenance and supervision to ensure that everything is functioning properly. Hiring a property manager will add more resources and expertise to your corner, which will help you address any problem your rental property might face.
That’s what Harcourts Avanti can do for you. With our reliable network of vendors and vigilant maintenance, your rental business will have what it needs to thrive. Let us worry about keeping everything operational.
Sounds interesting? Contact us now!