There are a lot of responsibilities that you’ll take on when you become a landlord. It’s easy to focus on the easier, more immediately beneficial parts of renting out a home or building to tenants. And there are certainly many things to appreciate about becoming a landlord! For one thing, you’ll be able to collect a secondary income through the rent your charge, in a manner that is relatively hands-off. Another thing you may want to take into account is the fact that if you work with a property management company, you probably won’t have to interact with your tenants regularly. In fact, a property management company can handle many of the practicalities of renting out a property for you. However, there are some issues that will require your signoff.
Being a landlord means that you’ll have to take into account the physical aspects of your property, and maintaining them on a level that will keep your tenants satisfied. Furthermore, it’s important to remember that if your property doesn’t look aesthetically pleasing, it may fail to attract consistent tenants entirely, leaving you without all of the benefits we mentioned above. With that being said, we’re looking into one aspect of maintaining your property, in particular, that is important — but could easily fall to the wayside. Namely, your driveway, or in the case of landlords that own apartment buildings, your parking lot. These spaces take a lot of damage over the years, and they may not seem as crucial as the interior of a residential building. Concrete might have an average strength of about 3,000 psi, but that doesn’t mean it will last forever. Therefore, let’s look into some of the reasons why you should invest the time and money into maintaining your home’s parking lot or driveway.
1. Long-Term Cost Efficiency
Any time that you must spend money to maintain an aspect of your property, you may very well be hesitant and worried about whether or not the money you’re spending is truly being well-invested. This can be particularly true, on the surface, if you’re considering whether or not to invest in additional upkeep for your driveway or parking lot. As is the case with any type of pavement, it will inevitably receive some ongoing level of damage. You will need to invest in regular maintenance. However, if you invest a proper repaving job the first time around, you’ll have to return to that maintenance less often. The smoother the pavement, the longer-lasting it will be. In fact, your pavement’s life can be extended by 10% to 25% if it’s initially applied smoothly. This means that the overall maintenance costs will be lower. Therefore, you’ll be able to spend less on your paving costs and handle more immediate concerns like a leaky faucet. Consider the fact that, if undetected, a leak could cost $164.50 — ultimately, you need to handle your various maintenance costs in a systematic manner. That way, you’ll be able to prioritize what you must, while at the same time having a budget for the emergency repairs that will inevitably crop up over time.
2. Preventing Vehicle Damage
You can be as hands-on or hands-off a landlord as you wish. However, you may have to interact more with your tenants than you’d like if their cars are damaged on your parking lot or driveway. This may not seem likely initially, especially if the damage done to your pavement is subtle. However, a recent survey revealed that about 77% of cars needed maintenance or repairs, and many car owners can’t even name where the damage came from. Often, it can be traced back to something as seemingly innocuous as the driveway or parking lot where those cars rest. If a car runs over the wrong crack in the pavement, or perhaps a pothole, it could easily sustain internal damage that’s difficult to catch at first. Furthermore, a vehicle’s tires may blow out if it spends too much time rolling over rocky pavement. Why does this concern you as a landlord? Well, your tenants could potentially hold you responsible — and if they can prove that you neglected to repave your parking lot or driveway, you could be held responsible for the repairs on a financial level. Of course, this is not the only thing you could be held responsible for as a landlord. If, in a worst-case scenario, someone trips and is hurt due to rough pavement, you may very well be held responsible for that as well. Of course, the last thing you want as a landlord is for anyone to be hurt on your watch; but if you keep up with repairs, you won’t have to worry about it.
3. Curb Appeal
Potential tenants consider many factors when deciding whether or not they should apply to rent a home or apartment. However, they will not even get past the initial consideration period if they do not like the appearance of the property they’re looking at. It’s important that your property looks as aesthetically appealing as possible, both within and on the exterior. The parking lot and driveway factor heavily into that appeal. A property may look cheap and poorly maintained if you do not invest in keeping the pavement up to date. It may give the impression that you do not care about your tenants, or your property — and nobody wants to work with a landlord that doesn’t care. Consider repaving your driveway or parking lot on a regular basis part of keeping up appearances as a landlord, and attracting regular tenants.
Again, there are many factors that go into being a landlord. You should treat them all equally. Maintaining your pavement should be treated like any other aspect of maintaining your property, with consistency and dedication.
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