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- AGE OF RENTAL PROPERTY - How old is your home or rental property? The answer to this question will play a large role in determining maintenance and upkeep costs. Newer rentals (5- 10 years old) require less maintenance while older homes (10 â 20 y/o) typically require more time and money for maintenance (Exterior paint, general upkeep and repairs, etcâ¦). If a home is 20 â 30 y/o, that is when you will start to see the property require more TLC from the top down (roof repair, hot water heater, plumbing, siding, appliances, etc.)
- WEATHER â Here in the Willamette Valley (Salem, Albany, Corvallis and surrounding areas) we see every extreme of weather from rain, winds and frost to heat and humidity. The pounding a property takes from the seasons here in the Willamette Valley play a crucial role in the longevity of the property.
- LOCATION â Often overlooked, the location of your home is key as well. If your home is located at the bottom of a hill/slope where water drains and collects or any other environmental strains, this should be carefully considered in regards to the cost of homeownership here in the Willamette Valley.
- TYPE OF RENTAL PROPERTY - Is your property Single-family or multi-family or a condo or townhome? Condos or any other properties cared for by HOA generally have lower maintenance costs since the common areas and common structures are paid by the association â of course the tradeoff is you generally are paying a monthly association fee. Larger apartment complexes cost more but as a percentage they cost lessâ¦you gain the economy of scale when you have a larger rental complex.
By Centurion Real Estate - Wednesday, July 8, 2015
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