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How much in home repairs do you spend in a year?

Since we rented out our house we have spent about $1600. $420 to rotoroot the main drain after a tenant let their kids throw sticks and rocks into the sewer clean out. $425 for a new stove. $250 to repair the washing machine after a tenant left change in their pockets and broke the pump. $500 for a new water heater. It's been about 18 months is all. I feel like this is a lot. We charge $94 more than the mortgage amount every month, and as you can see, we are not making any money on it. I want to sell it, but if we put it on the market the tenants will likely move out and then we can't pay the mortgage on it.

What do I do with this place?! It's driving me crazy and we can't afford for anything else to go wrong.

 
Ati_13

Asked by Ati_13 at 4:23 PM on May. 3, 2011 in Home & Garden

Level 24 (21,184 Credits)
This question is closed.
Answers (20)
  • My landlord takes care of it. I know he paid to repair the a/c but that's all as far as I can remember.
    Anonymous

    Answer by Anonymous at 4:26 PM on May. 3, 2011

  • Get rid of it if you cant afford upkeep. It depends I mean 2 years ago we were out 5 thousand dollars to redo the electrical and some its just a couple hundred.
    okmommy08

    Answer by okmommy08 at 4:26 PM on May. 3, 2011

  • We don't spend near that much. But then I have a handy husband and we just purchase parts for things, not the entire appliance. He also works in the appliance industry, so I've not paid full price for a kitchen or laundry appliance in YEARS.
    Sounds like you need to screen your renters more carefully, like ask previous landlords. etc.

    Good luck.
    twinsplus2more

    Answer by twinsplus2more at 4:28 PM on May. 3, 2011

  • WOW, this is why I would never be a landlord.

    Do you collect a security deposit to cover some of the expenses? How do you go about screening potential tenants? I was a renter and always treated the place as my own home; is there a certain mentality for these individuals that they don't have to be careful since they don't own the place? That totally sucks.

    To answer your question, we typically spend maybe $300 a year for minor repairs. Remodels are another story but repairs are minimal.
    Anonymous

    Answer by Anonymous at 4:31 PM on May. 3, 2011

  • Yes, you should budget about $1,000 to $3,000 a year to maintain a property. Remember renters will not treat the house like owners. There will be wear and tear.
    tasches

    Answer by tasches at 6:48 PM on May. 3, 2011

  • Sorry, but it is YOUR job to provide curbside garbage if you don't want it in the house and yard.

    Otherwise, Make your security deposit 1st AND last month's rent.
    Anonymous

    Answer by Anonymous at 8:55 PM on May. 3, 2011

  • Read my statement - IF YOU DON'T WANT THEIR TRASH ALL OVER YOUR HOUSE OR YARD - pay for the trash pick up. It can be included in their rent....that way THEY pay it, but YOU contract it. Not a particularly hard concept to grasp.

    That was the way it was with rental properties we had. Security deposit was always equal to 1st AND last months rent (FULL MONTH) and they were NOT guaranteed they'd get it back unless the property was in the same condition upon move out that it was for move in - and photos were taken before AND after for legal purposes. Had ONE tenant take us to court - upon seeing the photos - judge threw case out.
    Anonymous

    Answer by Anonymous at 12:18 PM on May. 4, 2011

  • Oh, and $70 in clean up fees when my last tenant skipped out on the last month of their rent and left a huge mess. Plus overdraft fees and such for when tenants don't pay on time or abandon the place.

    What the hell!
    Ati_13

    Comment by Ati_13 (original poster) at 4:24 PM on May. 3, 2011

  • I ask for references, verification of employment, a small security deposit (half a month's rent since the lease starts mid-month), and copies of driver's licenses. I do my best not to use the security deposit because if they pay their rent and leave the place clean and in good repair they get it back, so I don't even really consider it my money. I had to dip into it for the stove, though, and the rest of it will be gone once the check for the water heater clears (plus some out of our line of credit). I'm holding a yard sale to get it back. Hopefully lol.

    The house is older and the yard is unfinished... I think it makes it seem like it's okay to trash it. Every one of my tenents has broken windows. The first two left the basement smelling like a kennel and the shed FULL of garbage because they didn't get trash service. i mean... this is a nightmare. I called a realtor... let's hope he says it will sell quickly.
    Ati_13

    Comment by Ati_13 (original poster) at 4:45 PM on May. 3, 2011

  • Anon, no, it is not my responsibility as the land lord, legally. In the lease it specifies that a tenant is in violation of the lease not to have trash service. I have had to pay for trash in every home I have ever rented, I expect my tenants to do the same, it is absolutely their responsibility.
    Ati_13

    Comment by Ati_13 (original poster) at 12:19 AM on May. 4, 2011

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