Purchasing and renting homes is a great way for landlords to develop wealth. While profiting from rents will never occur overnight, or in a few years, long-term rentals will almost always turn profits.
Every aspiring homeowner thinks that owning their first home will be far better than renting or living in somebody else's home. They are often in for rude awakenings when they find out how difficult regular home repairs can be. This lifestyle is similar for landlords, as they often are required to make repairs themselves, or lose money by contracting handymen to complete them.
Here are 5 tools every landlord needs for making necessary repairs themselves.
Most landlords -- or people in general, for that matter -- aren't 7-foot-tall NBA players, able to reach the ceiling and replace lightbulbs without needing stepladders. As such, every landlord should have at least one ladder or scaffold to make necessary repairs around tenants' living spaces. Ladders can be used to replace light bulbs and repair light fixtures inside and outside homes, rather than hiring somebody else or, even worse, using unsafe equipment to reach high-up spaces.
Traditional, A-shaped ladders are great for both indoor and outdoor usage, although they generally can't be used to climb on top of roofs. If you're familiar with roofing and feel like you can repair leaky ceilings or bad shingles, consider buying an extension ladder to transport yourself up to the roof. Step ladders will be used far more often than straight, extension ladders. However, if you have the money to spend, buy both of these ladders or a combination ladder, as they're likely to come in handy sooner or later.
Countless objects around homes use screws to keep themselves in place. Most bits are either flathead or Phillips bits, although some require unorthodox bits like Torx or six-sided bits. Landlords should purchase sets of interchangeable bits that feature virtually every kind of bit necessary to fix things around a rental property. Make sure to purchase a quality set, rather than opting for a cheaper, lesser-quality version. You will likely use the screwdriver regularly for upkeep and repairs, and eventually use most bits in your tool box.
Everyone who's ever used a pressure washer or witnessed one in action knows how much these tools can spruce up old, outdated properties. Dirt invariably cakes onto concrete walkways, furniture, and brick walls. According to Amoso Properties, pet-friendly units are especially prone to offensive odors and unsanitary living spaces, which may require recarpeting and pressure washing of the interior.
Vinyl siding becomes weathered over time, and sometimes saturated with green slime from microorganisms. Driveways become caked with nasty sediment, firmly cementing to the driveways themselves. Using a pressure washer on these surfaces, and others that can tolerate pressure washers' force, will instantly return outdated, nasty hard surfaces to like-new condition.
A Dewalt Power Drill can be used for filling holes with screws, drilling new holes, driving screws, creating pilot holes for driving screws, and a host of other repair needs. Landlords without drills aren't able to create new holes, and can only drive screws painfully slowly with manual screwdrivers.
Even though drills are souped-up screwdrivers, every landlord should also keep screwdrivers around for tighter areas or those requiring gentle treatment.
Hammers are construction workers' staples, and they're must-haves for landlords, too. These trusty tools can be used to demolish existing structures, lay flooring, install trim, and virtually every other repair need in the book. Hammers come in various sizes and have different uses, so maybe consider investing in a set.
Every experienced landlord knows that their rental properties will invariably become damaged over time, necessitating repairs. Hiring handymen to repair things is costly. Besides, every person -- man and woman alike -- should know how to complete basic household repairs.