Owning a rental property is a great way to bring in extra income every month. However, sometimes an income property can actually turn into a money pit if the owner is not careful. Maintenance and replacement costs can take a big chunk out of a rental property's profit. Faulty air conditioners in particular can be big money sinks. Replacing an air conditioning unit costs on average between $3,702 and $7,132. Keeping a unit in good shape will prevent the owner from needing to replace it more than necessary. Here are three air conditioning tips for the owners of rental properties.
Talk To Renters About Maintenance
One of the biggest reasons that air conditioning units have problems is because of dirty filters. Regular AC maintenance, such as replacing dirty filters, is a must for any system. Property owners should make sure that they have a plan for regular maintenance. Renters should be aware that the air conditioning unit needs to be maintained. Filters can be changed by either the landlord or the renters themselves. Filters are relatively inexpensive, costing around $20, and are easy to replace. If the renters will be replacing the filters, the owner should make sure the renters are up to date on which filters to use and should consider providing the renters with the replacement filters.
Call In The Professionals
Another thing that rental property owners should know is that, when it comes to a broken air conditioner, calling in the professionals is a must. AC units are complex and one wrong move can lead to the need for a new system. The average cost of repair ranges from $165 to $507. Keeping money aside to pay for repairs to the AC unit is a must. There are also options for regular maintenance done by professionals. A one-time maintenance visit will cost around $70 to $100 while an annual maintenance contract will run around $150.
Know The History Of The AC Unit
Another thing that rental property owners should know is the history of their AC units. They should know what make and model the AC is and how old it is as well. The average lifespan of an AC unit is around 15 to 20 years. If the property has an older unit, it may be time to set aside money for replacement. Property owners should also consider replacement whenever energy costs are too high for the renters. It may be time to install a more energy-efficient system.
Air conditioning is a necessity for many households. However, these systems eventually need maintenance, repair, and even replacement. For owners of rental properties, AC maintenance and replacement can hurt the bottom line. Owners should talk to their renters about maintenance in order to ensure that the system is working correctly. They should also hire a professional whenever something goes wrong. Knowing the age and history of the unit can also help property owners decide when it is time to replace.
For more information and assistance with maintenance, contact an HVAC company, such as Airtime Heating & Cooling.