Buying and managing rental properties in Providence means long-term investment planning. You will have to maintain your new rental property and interior and exterior items will have to be repaired and replaced after a while.
A few of these things are actually inexpensive, but there are some, mainly those found around a rental home’s exterior, can be considerably expensive. To make sure you get long-term success as a Providence property owner is to figure out what the costs are and add the values to 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 no different to how carpet or interior paint has certain life expectancies, exterior items have them too. For instance, a deck or patio that has been properly maintained will last between 15 and 20 years. On the contrary, a deck that was neglected won’t last as long; it could become a safety hazard 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. Garage doors can last anywhere from 15 to 20 years, depending on quality and climate conditions. This is the same case for other exterior doors that are exposed to the elements.
Keep in mind that the kinds of materials affect the longevity of exterior items. Quality vinyl windows, for instance, can last for up to 40 years, while if you have cheap windows, you may need to install new ones in as little as 15 years. A quality cedar fence may need changing 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 are popular because of their durability, but that doesn’t mean they will last forever; they will eventually need replacement. This matters more if you buy 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 subject of property values and curb appeal, more damage is done when you neglect proper maintenance and replacement. Placing provision, during your planning, for the replacement of your Providence 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 Providence, 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. Don’t hesitate to contact us online or give us a ring at 401-272-3300 to know more about our property management options in Providence and the surrounding areas.