New Hampshire is an excellent choice for property investors wanting to make money out of residential rentals. The state has a thriving rental market thanks to many job opportunities and a high quality of life.
Owning a rental property isn't always as simple as finding the right property in the best location, though. Keeping your investment in good shape takes time and money.
Property managers can help you streamline these tasks to free up your time, but you're always going to pay the repair bills when it comes to your property.
Tenant Repair Responsibilities
In most states, including New Hampshire, the tenant is responsible for very little maintenance and only pays the repair costs for any property damage they cause. The landlord pays for all other repair costs related to their rental unit.
Move-in and move-out inspections are important in this regard, as they allow the tenant to start their lease with a clean slate. Any extraordinary repairs caused by the tenant between these inspections are for their own account.
If a tenant doesn't pay what they owe, the landlord may deduct the cost of these repairs from the tenant's security deposit.
Landlord's Responsibilities
According to the New Hampshire Landlord-Tenant Act, landlords must maintain their properties in a safe, habitable condition. This includes taking care of things like:
- Roof repairs
- Smoke detectors
- Carbon monoxide detectors
- Insulation
- Heating and cooling
The landlord pays for all repairs and routine property maintenance tasks related to their property. When you hire a property manager, they can help you streamline these tasks and also provide a few payment options.
What Do Property Managers Do?
Routine tasks like property maintenance coordination and property inspections are included in your property management fees. Repairs and maintenance are not.
When your property manager receives a repair request from a tenant, they do their best to attend to it swiftly. Often, they have an in-house maintenance team or positive relationships with local contractors to help speed things up.
They arrange for the necessary repairs and oversee the work, but the landlord pays the associated costs.
The money to pay for repairs may come out of a reserve fund, or the property manager may pay it on the landlord's behalf and claim the money back afterward.
In most cases, landlords allow their property managers freedom when it comes to repair and maintenance work below a certain threshold. This eliminates the need for approval from the property owner for every repair and helps speed things up.
So while the property manager makes the actual payment to the contractor, the landlord ends up paying in the end.
Protect Your Investment and Your Tenants
Rental property repairs and maintenance are inevitable to protect the value of your investment and comply with landlord-tenant law. Hiring a property manager doesn't help you alleviate these costs, but it can ensure better prices, swifter service, and time savings.
PMI Granite State is backed by over 20 years of experience in New Hampshire real estate. Our team of expert property managers can help you streamline property repairs and maintenance to encourage lease renewals.
Sign up for savings on rental repairs and maintenance today.
