Deferred maintenance is just what it sounds like – putting off major repairs in order to save money. How can this practice affect homeowners as well as landlords? In a big way, that’s how. Say you’ve got a leaky roof and you choose to patch it – perhaps multiple times – rather than replace the whole thing. Eventually that roof is going to fail, and now you’re not only out the money for the minor repairs you’ve done, but the money for the new roof, and any other water damage that has occurred as a result of the leak.
If you’re an investor, you may have an even bigger problem keeping up with maintenance chores that could save you big moneylater.Perhaps your tenant fails to mention the dripping sink, and the floor gradually becomes damaged over time. Or maybe there are termites slowly eating away at the wood, and you don’t notice until it’s too late and the damage is already done.
Deferred maintenance can take many forms, but all of them can have devastating effects on the value of your home or rental property. The cost of “catching up” later may interfere with your ability to sell it when the time comes, or leave you with a home that’s unlivable, without the funds to fix it.
If you’ve found yourself in a difficult situation due to deferred maintenance, selling to a real estate investor could be the solution you’re looking for. Contact us today for a consultation.