Veteran Owned & Operated!
Owning a commercial property means being responsible for the community space. Considering that about 39 million Americans live in apartments, a lot of them are relying on property owners like you to take care of commercial property maintenance.
What can you do to handle maintenance and repairs efficiently? Our guide gives you some of our biggest tips.
Know Building Codes
One of the first things you need to be aware of is what type of building codes and fire codes you have. Not only is this for safety purposes but also legality purposes. You risk having your building condemned if you don't keep it up to code.
These building codes and fire codes vary depending on where you live. It even differs in cities throughout the state. Your job is to do some research on what the Charlotte building codes are and make sure your property is meeting those codes.
Set Aside Money
Another thing you need to do is make sure that you have enough money to keep up with maintenance demands. A lot of property owners make the mistake of not setting aside money for unexpected expenses. If you get caught in that situation, it could mean that your commercial property risks bankruptcy.
What you need to do is set money to the side for routine maintenance. It is typical to dedicate up to four percent of the property's value annually for maintenance and repairs.
Let's say your building is worth $500,000. In that situation, you need to make sure that you have about $20,000 in reserves every year for potential maintenance issues.
Conduct Commercial Property Inspections
Something that can help you avoid maintenance issues sneaking up on you is you conduct routine inspections of your commercial property. You should contact a professional to come inspect this and see what they have to say.
They have a better eye for subtle issues or other things that can become bigger problems down the road. Addressing it after a routine inspection can increase the chances of fixing the problem while the situation is manageable.
If you neglect these issues, you could have a much more costly repair on your hands down the road.
Avoid Lawsuits
Finally, routine maintenance and repairs can help you avoid lawsuits as a property owner. There could be tenants who argue you neglected your property if you fail to stay on top of your maintenance.
For example, let's say a railing broke on the community staircase. That resulted in a tenant falling and breaking their back. In that scenario, a personal injury lawyer could sue you for damages.
Stay on top of maintenance issues in your building to avoid lawsuits like that.
Handle Maintenance and Repairs Correctly
Keeping up with maintenance and repairs in your investment property is crucial. Failing to do so costs you time and money. Plus, it could open up the door to legal trouble for you.
That is why you need to consult with PMI Charlotte Metro. Our property management company helps commercial property owners like you avoid commercial damage to your building. We stay on top of your property needs and take the stress off of your back.
Be sure to message us here to learn more!
