Some of the hidden costs that arise when owning a rental property have nothing to do with major repairs. Some repairs are considered minor and are usually the responsibility of a property owner when repairs are needed. Appliances used inside rental properties usually receive more wear and tear when compared to units found in non-rental single-family homes.
There are lifespans that are provided by most insurance companies that detail the lifespan of most appliances. These can be used as a guide by property owners to develop a schedule of replacement or repair when needed. Because rentals often include appliances that were installed by the original property owner, the length of the lifespan could be shorter.
These units have general lifespans of up to 12 years in length. Many units are currently energy-efficient and able to withstand extended use cycles. Regular maintenance performed on these appliances like inspections for leaks each year and removing clogs can extend the lifespan of this appliance.
2. Water Heater
Every home requires a reliable way to heat water when needed. This process is usually provided by water heaters. Although most new units are built for a lifespan of up to 11 years, many older units could be past the normal operating lifespan. Annual maintenance that involves draining these units, providing more insulation and detecting leaks could prolong the lifespan of water heaters.
The sizes of refrigeration units have changed over the past decade. Most units are now built larger to store more food that results in increased energy costs. Regardless of the type of fridge that is used, these units are built to last only for up to 14 years. Replacing hoses, cleaning coils and other maintenance could extend the useful life of any fridge.
4. HVAC Units
The type of heating and cooling used inside of a property can be one of the factors that renters evaluate when deciding to rent or not. Most furnaces, central air units or heat pumps have a useful life of about 12 years. Purchasing a rental property with older appliances can easily reduce the standard operating range of HVAC units.
Dryers are one of the most used appliances in rental homes regardless of the size of the family renting the home. These units are built to last for a period of up to 12 years although parts can breakdown that require replacement during the ownership period. Regular cleaning of vents and evaluations of electrical parts could prevent premature breakdown of dryer units.
6. Stove or Range
A gas or electric stove or range are two of the most common types of cooking devices found in most rental properties. Each manufacturer builds these units to remain in active use for up to 20 years. Faults in electronics caused by power outages or other wear and tear could lessen the useful life of these cooking appliances in rental homes.