The tiny hamlet of Wantagh has a rural feel and provides residents with a good quality of life. Most people own their homes in this area, which places rental accommodation in high demand.
For this reason, owning an investment property in this part of Long Island can prove lucrative if you have the time and skills to manage it effectively.
A team of experienced property managers makes caring for a rental property much simpler and more rewarding, and they can even help reduce your repair costs. Read on to find out more about rental property maintenance and repairs and who pays for what.
Property Owners Pay All Repair Costs
Under New York state law, the landlord is responsible for providing their tenants with a safe, habitable environment. This means you must keep your investment property in a state that complies with local building codes.
If you don't, your tenants could sue you for a rent reduction and damages, or they could carry out the necessary repairs themselves and deduct the costs from their rent. There is no way that landlords can get out of paying for repairs on their property.
The Role of Property Managers
Paying attention to rental property care not only keeps you out of legal trouble, it also helps you preserve the value of your investment and encourages lease renewals.
Property managers have the time and skills to ensure your property stays in immaculate condition all the time. They can attend to property repairs promptly and often secure better prices for the work thanks to their industry connections.
It's vital to attend to property repairs and maintenance as quickly as possible. If you don't, small issues can quickly become bigger, more expensive ones.
When you work with a property manager, it's best to set up a reserve fund for maintenance and repairs and give them limited access to it. This means they can speed up the process by carrying out minor repairs without asking for your approval first.
Another way to speed up the process is for the property management company to pay the repair costs and invoice you afterward.
What Do Tenants Pay For?
Tenants do not pay for repairs while living in a rental property unless they cause the damage. If your tenant does not pay for repairs necessitated by their actions, you can deduct the repair costs from their security deposit.
Repeated or severe property damage by tenants is one of the grounds for eviction under New York law.
Get Help Managing Your Wantagh Property
Hiring a property manager is the best way to stay up-to-date with your responsibilities as a landlord and stay legally compliant. Rental property managers might not pay for repairs, but they do help you save money thanks to their established rental property management strategies.
PMI Empire Solutions is here to answer all your questions about property repairs and maintenance. We offer a full range of property management services, and our professional property managers are backed by over 20 years of experience in the industry.
Reach out for assistance with managing your Wantagh properties today.
