Rental properties are a great way to make passive income. Investing in a rental home can mean a steady source of income for years. However, the term passive income may be a little misleading. Rental properties require maintenance and repairs just like any other home would. These maintenance tasks and repairs require both time and money. The air conditioning system in particular will need regular attention. Here are three tips for dealing with air conditioners in rental properties.
Consider The Age Of The System
When it comes to appliances, many landlords feel that replacement is not needed until something breaks. While this can be a cost saving measure, for air conditioners it's important to consider the age of the system. The average lifespan of an air conditioning system is between 15 and 20 years. However, energy efficiency has improved significantly in the past few years. Homeowners can save between 20 and 40 percent on their cooling costs by simply installing a new air conditioner. A new energy efficient air conditioner may be a big draw for potential renters since it will save them money on energy costs. The average cost of a new air conditioner is $5,325.
One issue that many landlords run into is that their renters do not remember to replace the filters on the air conditioner. Failure to change out the filters can lead to a decrease in energy efficiency as well as costly repairs. Filters are inexpensive as well as easy to find. When renting out a property it's important to either supply the renters with filters or to make sure they are aware that it is their responsibility to replace the filters themselves. Some landlords choose to take over this maintenance task themselves or hire someone else to do it.
Another thing that landlords should consider doing is hiring a residential air conditioning company to perform a yearly tune-up on the system. This costs around $100 and includes a thorough cleaning of the system, a filter check, and checking for any potential problems. An annual tune-up can catch small problems before they turn into expensive repairs. It also ensures that the renters will be less likely to have an air conditioner that suddenly breaks.
Rental properties are a great way to produce income, but they can be high maintenance. The air conditioner is one appliance that landlords often need to have repaired or replaced. Rental property owners should consider replacement if the system is old and inefficient. Replacing the filters is a must on a regular basis. Annual maintenance by a professional can also extend the life of the system and make unexpected repairs less likely to be needed.
Contact a company like Bourke's Service Co for more information.Share