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If you are the owner of an investment property, you are responsible when something breaks down in the building. So when the tenants call with an emergency, you will need to have a list of local repair companies you can contact, and money in the bank to pay for their services.
One of the best ways to protect your property investment is to purchase a home warranty that covers your home against unexpected system breakdowns that can be costly, particularly if the heating or plumbing systems need repair. The yearly cost of a good home warranty is probably less than the cost of replacing a broken water heater. If your property is older, a home warranty will provide you with greater security and peace of mind.
Another way to plan for investment property repairs is by building up a monthly surplus account, where part of your positive cash flow can sit in preparation for the day some major repair is needed. Having a "rainy day" fund will relieve you of financial stress when something has to be fixed.
Lorraine Sayer RE/MAX Properties Inc 1740 Chapel Hills Dr. Colorado Springs, CO 80920 719-439-3268 Fax: 719-598-9308 Toll Free : 1-800-809-0268 LAS@TSAYER.com Lorraine.Sayer@wesellmore.net
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My desire is to provide the kind of service that makes you comfortable referring me to friends, family, and coworkers!
www.PerfectSpringsHome.com
is brought to you by Lorraine Sayer
Real estate agent(s) for Colorado Springs, Fountain and Falcon, Colorado
