With a growing influx of snowbirds and a rising number of year-long residents, the greater Phoenix area is a literal and figurative hot spot for investing in rental properties. While there’s plenty of money to be made here in the Valley of the Sun by investing in residential properties, you need to effectively manage your rentals to ensure you’re generating consistent return on investment. One of the most important considerations to rental investment success is the HVAC system.
Purchasing a Rental Property?
Just as you would with any residential real estate transaction, it’s important to have the HVAC system carefully checked in any property you’re considering buying for the purpose of generating rental income. A licensed HVAC contractor can help you determine what you’re getting with the property in terms of heating and cooling. This includes understanding the remaining life of the equipment, existing problems, potential issues and how much ongoing maintenance the system needs.
Maintaining Your Rental Property’s Value Requires an HVAC Maintenance Contract
HVAC systems require regular maintenance to work optimally. In a rental property where you’re not experiencing the function of the system on a daily basis, regular tune-ups and inspections are critical. It only takes one negligent tenant who doesn’t tell you about a minor problem to create a costly repair situation or the need for an entire new unit. Regularly scheduled maintenance is your top line defense for preventing the profit-hindering frustration of a system breakdown. Minor issues can be addressed proactively to greatly reduce the chance of a major system failure.
Be a Good Landlord
In Arizona, tenants can remedy an HVAC-related problem if you don’t manage it in an efficient manner. Don’t be tempted to push a problem on a tenant. If repairs aren’t made within five days of when they are first communicated to you, the tenant has the right to substitute services. This means they can move to temporary housing, purchase a substitute unit, or make the repairs and send you the bill. This is never a good situation. Your best option is to maintain your rental property’s HVAC system and ensure you have a trusted source for service when you need it.
At Chandler Air, we work with plenty of landlords and have the services to ensure your tenants are kept comfortable in their rental unit. Call us today to learn more about our services.