Investors expect that wear and tear on their Idaho Falls rental properties will be the cost of doing business. Paint, carpet, appliances are all going to need to be replaced from time to time. More expensive items like roofs and heating systems often need to be budgeted for, however. It helps to know how long you can expect things to function.
The life expectancy of your rental property items will depend on the age of your property, the amount of use they get from the tenants, and how well they’re manufactured. This is a brief and general guide that can be used for estimating purposes.
Floors and Paint
Depending on the type of carpets you install, they can often last for about seven years. The amount of traffic also impacts how long you can keep carpeting. Use a durable carpet fiber like nylon to maximize its lifespan. During turnovers when you aren’t replacing that carpet, make sure you have it shampooed before a new tenant moves in. We also recommend hard surfaces like vinyl and laminate to cut down on replacements and improve maintenance and rental value.
Your property’s interior paint can typically be pro-rated over a lifespan of three years. You might want to re-paint every year between tenants, especially if you notice things like nail holes, scuff marks, or smudges and fingerprints that won’t come off.
Rental Property Appliances
Most rental properties in Idaho Falls include appliances like dishwashers, refrigerators, garbage disposals, stoves, and ovens. Perhaps your units include washing machines and dryers.
Electric and gas stoves as well as ovens will last for around 15 years. A good refrigerator for your rental may last for 10 to 12 years. If you have a separate freezer, you can expect it to work well for around 20 years, and your garbage disposal should be just fine for up to 10 years. A dishwasher can also be expected to last for 10 years, and if you provide a microwave, it’s going to keep running for at least eight or nine years. Washers and dryers, depending on the model, can last around 10 years and sometimes up to 15 years.
It’s important to remember that kitchen appliances get the most use in many rental homes. The appliance life expectancy depends to a great extent on how much your tenants use each appliance. Some of those items may need to be replaced sooner than their lifespan would suggest, and it’s often better to replace them than to continually repair them.
Expensive Household Systems
The most expensive systems in your property are water, heating, and cooling. You’ll probably replace your water heater every 10 years. With your HVAC unit, you can expect a lifespan of about 15 to 20 years if you’re taking good care of it. Consider getting a service contract for things like HVAC systems; then, you will know if there’s something small and inexpensive that can be done to avoid having to replace the entire system a year or two down the road.
One thing investors must remember is that the life expectancy of each item will almost always increase when you buy higher quality things. Rental grade appliances will keep costs down initially, but if you want longer life expectancies, buy a higher quality appliance or carpet.
If you have any additional questions about what you can expect from the items in your rental property, we would love to tell you more. Please feel free to contact us at Jacob Grant Property Management.