Keeping residents happy and comfortable means you should be three steps ahead of the game. No tenant likes to come home to a broken water heater or a dead refrigerator. How can you tell when these items need replacement? We’ve come up with a list of typical life spans for rental property assets and when you should consider replacing them to avoid a bad situation.
The exterior features are some of the ones that last the longest. Depending on the age of the materials and the last time you had them replaced, they can last for years. Here’s a list of average lifespans of some common exterior elements:
Interior features see heavier traffic and daily use. They tend to need replacing more often, depending on wear and tear in the unit. Here’s a list of common interior features and their lifespan before replacement:
Appliances are often the wildcard. If abused, they can need replacing often. They can also make the biggest difference in day-to-day life and energy costs. Consider the replacement cycles for these appliances:
Some important safety features need updating to keep the property up to code. Regular maintenance of fire alarms for battery replacement is a must, but the unit itself also has a lifespan and needs replacements. Check out these safety features:
Keep this handy chart nearby for reference. Replacing the features of your rental home before there is an issue is a sign of a good landlord and the true mark of a business person. It is best to invest in a notebook or tracking system to record the age of each feature and the date you replaced it for future reference.