What Maintenance Costs should be for your Oklahoma City Rental Properties (property management oklahoma city ok)
What should maintenance costs be for your Oklahoma City rental? This article explains the expected maintenance costs for your OKC rental property (property management oklahoma city ok).
Maintenance costs on Oklahoma City metro rental properties can be the difference between making a profit and losing money. (property management oklahoma city ok)
This is different from capital costs, like those things you do between tenants to improve the value of the property. For example, replacing a roof is a capital cost, not a maintenance cost. As you probably know, a make ready that includes some painting and minor repairs is maintenance. Another example is repairing a leaking facet. Other typical maintenance costs include repairing leaks in the plumbing, fixing outlets that aren’t working, repairing heating and cooling equipment, etc.
Furthermore, maintenance costs for an older home should ideally cap out around 10% of your gross rental income. That means if your property rents for $800 per month, your maintenance cost should average under $80 per month.
As you might guess, newer homes need less maintenance. The maintenance costs for a newer home should be 5% or less.
You can calculate your percentage of maintenance costs by looking at your the financial report you get from your property management company. Take the total maintenance cost and divide by the total income from the property.
Your property management company should help save you money on maintenance costs. The property management company I own and operate, OKC Home Realty Services, LLC gets volume pricing on our the maintenance costs for our clients. We pass that cost savings along to our customers.
In addition,you can refer to another article that talks about how to keep maintenance costs down. This is an excellent article on how to avoid getting ripped off by your contractor.
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