Sources: Canady’s/ Reality Times/ Atlantic Refrigeration
It’s easy to assume your HVAC system is in good condition until, until your unit unexpectedly breaks down. By performing seasonal services to your HVAC system not only will that increase the efficiently, but also saves you money on utility bills. From having seasonal maintenance done you can reduce the number of repairs, reduced energy & utility bills, an increased lifespan of the unit, and lowers the chances of a future breakdown.
While it’s best to have maintenance done twice a year in Spring and Fall or every six months. If you can only afford to have it done once a year, or decide one is enough, Spring is the best time. You can expect the professional to start at reviewing the thermostat and ensuring its good, then move to the air conditioner system itself. They will clean all parts needed and check refrigerant and coolant levels. They will also check all areas to ensure no buildup or problems that may hinder performance.
By performing seasonal maintenance on you’re A/C system you’ll be able to detect small problems before they’re a real issue. While most companies charge $75-100 for a check up on your unit having to hire someone to come out when there’s an immediate issue could be upwards of $140-250 an hour. An emergency call could cost the same as a two-time seasonal maintenance.
Having the proper maintenance done before Spring and Winter to your HVAC system can decrease your utility bills. Over time your system accumulates dirt and dust, which can negatively affect its efficiency. With excess build up of dirt and dust your unit may under perform, but with seasonal maintenance this can be avoided and increase the air quality within the home.
In the long run regular maintenance has been proven to extend the life of your unit up to five years longer. Having a broken system will not only malfunction or not be efficient but will cause unplanned costs and services.
Every homeowner hopes for their system to work for around 10 years or more. A neglected system will be less effective and more likely to malfunction sooner. By keeping your system maintained you can have peace of mind knowing it’ll be running efficiently.
Real Estate and Rental trends are always changing making it challenging to determine where to invest. Not only has the real estate market been almost too hot to touch the past year but there has been more people moving out of larger cities into smaller towns or suburbs. Like New York City saw 56% of residents move away from the city in 2021.
College towns and single-family homes both have their pros and cons. Understanding the type of tenant you want to rent too is another consideration. College towns have an influx of renters constantly, stable rent prices but property appreciation at the same time, usually parents co-sign giving a constant cash flow. The downside to investing in a college town is the tenant turnover rate is a lot higher due to off-season during school.
As for single-family homes you’ll most likely be left with longer term tenants. Homes that are well maintained tend to hold their resale value better. Compared to apartment buildings or multi-family homes a detached single-family home can have lower property taxes. These can cost less to manage since there aren’t as many tenants moving in and out there will be less repairs.
When looking for new investments you may run across urban and suburban property locations. When investing in an urban area you have a constant influx of renters, attractive amenities, shorter vacancies, potential tax breaks for historic properties (The Rehabilitation Tax Credit). The downside can be a higher crime rate, and hard to find parking.
Investing in the suburb or single-family home areas usually gives lower tenant turnover, a more affordable market, less wear and tear, lower crime rates, and more family friendly locations. There is less risk involved and higher quality tenants in these areas. Many are located near good schools which is what tenants look for.
Locations with good job growth opportunities attract new tenants as well. Areas with large companies moving to the area give signs workers will flock there. Although that doesn’t tell if the home value will increase or decrease the number of tenants looking for a place to rent will increase. Ocala Fl is a great example of this due to large companies like Amazon, FedEx, AutoZone, Chewy moving in and creating thousands of jobs.
A good combination of goals and the understanding of the positives and negatives of investing in certain areas will help produce a higher ROI wherever you buy. Thanks to property management companies we make it possible to invest in real estate anywhere.