Buying and managing rental properties in Albuquerque means long-term investment planning. Maintenance for your new rental property will be required and interior and exterior items will need to be repaired and replaced eventually.
A few of these items are really inexpensive, but some of them, especially those found around the exterior of your rental home, can be expensive. The means for long-term success as an Albuquerque property owner is to predict the costs and include them in your overall property management plan.
To achieve this, it is essential to know how long you can expect some exterior items to last. It’s not different from carpet or interior paint, all of them have life expectancies. For instance, a deck or patio that has been properly maintained will last between 15 and 20 years. Nevertheless, a neglected deck may need to be taken down and replaced in as little as ten years.
Garage doors, exterior doors, vinyl windows, fences, and asphalt or concrete driveways and walkways are other exterior items with solid life expectancies. Although the quality and climate conditions can influence it, a garage door can actually last anywhere from 15 to 20 years. This estimate holds true for other exterior doors that are exposed to the elements.
Keep in mind that the quality of materials affects the longevity of exterior items. Vinyl windows, for example, if they are of good quality, can last for up to 40 years, while you may need to replace cheap windows in as little as 15. A quality cedar fence may be used between 15 and 30 years, while pine fences will need to be replaced after five to twelve, and spruce fences as early as four to seven.
Concrete and asphalt have high marks when it comes to durability, but they don’t last forever and will eventually need to be replaced. This is of concern when it comes to the purchasing of older properties. An asphalt driveway can last upward of 30 years if sealed and maintained properly, and so should concrete. No different from other things, proper maintenance has a significant effect on the lifespan of a driveway or walkway.
On the matter of property values and curb appeal, no gains can be made from ignoring maintenance and replacement. Placing provision, during your planning, for the replacement of your Albuquerque rental home’s exterior items can maintain your cash flow, keep your tenants happy, and help your rental property value increase year after year.
At Real Property Management Albuquerque, we can assist you in designing a property management plan specifically made for your real estate business; this will help you succeed for many years to come. To know more about our property management options in Albuquerque and the surrounding areas, please contact us online or give us a ring at 505-831-8700.
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