As the owner of rental property, you have undoubtedly received at least one call from a tenant regarding repairs that are needed on appliances and / or systems like the HVAC or water heater. These types of calls will typically lead to some out-of-pocket expenses for the landlord – but it doesn’t necessarily have to – if you have a homeowner’s warranty.
By having a home warranty on your rental properties, you will usually have to pay a small deductible if a repair person comes out to make various repairs. Depending on the situation, these types of warranties could also pay for the replacement of an item that is unable (or too costly) to be repaired. While a home warranty will require a premium, oftentimes it will be miniscule in comparison to what it would cost to repair or replace major systems in your rental unit(s).
Not all home warranties cover the exact same things, though, so it is important to compare several of these policies – along with the premium cost and any exclusions to the coverage – before you make a commitment to purchasing one. In addition, the coverage and the cost can vary – sometimes significantly – based on the age and location of your rental property.
Managing and maintaining rental property can be time-consuming. So, if you would rather spend your time focusing on other things, while at the same time continuing to receive regular rent checks, it may be time to hire a property manager.
Having an experienced property management team on your side can allow you to delegate a long list of tasks, such as collecting the monthly rent check, marketing vacancies, and responding to calls from your tenants.
So, if you own investment real estate in Orlando and / or the Central Florida area, give us a call today for more details.