The reason most real estate investors enter into this income-producing avenue is to enjoy the greatest possible return on their investment. If you have rental properties, you know that many things factor into what you end up with at the end of the day. There are two critical components – minimizing repair and replacement costs and keeping quality tenants. Understanding the care of an HVAC system is an important part of both of those.
One of the biggest mistakes that real estate investors make is assuming that their tenant will replace the filters as agreed upon. While typically it is recommended the filters be changed every month, you wouldn’t want to infringe on their privacy to do so yourself, so you hope they will. If you supply the filters, there is a better chance that they will take care of it. You can further protect the HVAC system with a maintenance visit twice a year so the worst-case scenario of a filter change every six months is accomplished. If possible, try to include a quarterly inspection to drop that to 3 months between filter changes.
Another mistake is not replacing an old HVAC system when it is time to do so. If the HVAC system is more than 15 years old, you should consider replacing it for a couple reasons. First, it is better to handle this as a planned action than as an emergency in the heat of summer or on a freezing winter day. Second, you may not be paying the utility bill, but your tenant is and it can be difficult to keep a tenant who is frustrated about high bills or not being comfortable. Keeping a quality tenant means staying on top of maintenance and equipment issues.
If you would like to discuss ongoing HVAC system services for a rental property you own in the Lake Norman, North Carolina area, give us a call at Hodge Heating & Air Conditioning of Lake Norman. From inspecting the HVAC system at a property that you are considering purchasing to taking care of matters afterward, we are confident our services will help you enjoy the best return on your investment.