Maximizing your rental property’s long-term value—especially if you’re planning to sell in the near future—requires staying on top of regular maintenance and necessary repairs. While cutting corners on repairs isn’t advisable, there are smart strategies to reduce costs without compromising quality. As experienced property investors who’ve handled countless older homes with unique challenges in Chicago, we’ve compiled practical ways landlords can save money on repairs while maintaining their Chicago investment properties in excellent condition.
Build A Reliable Team
Build relationships with reliable contractors you can call repeatedly. This approach provides peace of mind knowing your repairs are completed properly by professionals who honor their commitments. You won’t face concerns about poor workmanship or improperly executed repairs. Additionally, develop a network that includes dependable cleaning services for post-repair cleanup. Every successful landlord maintains connections with trusted service providers who deliver consistent quality—something we’ve learned is especially valuable when dealing with older properties or city code compliance issues.
Deal With Scheduling Repairs Yourself
Leaving repairs to tenants is essentially handing them a blank check. Their priority is fixing the problem, not saving you money. For repairs done right and at fair prices, take control of the process by hiring your own trusted professionals. This approach ensures all work meets your standards of quality. When tenants select vendors, you might end up paying for substandard workmanship—a costly mistake we’ve seen many landlords make, particularly with properties that have unique structural characteristics or potential code violations.
Screen Your Tenants Thoroughly
Sometimes repairs become necessary because tenants caused the damage. Prevent such issues through thorough tenant screening. Contact previous landlords and conduct comprehensive background checks on all potential occupants. Even if you personally know the applicant, never assume they’ll maintain your property to required standards. Encourage tenants to promptly report any concerns or unusual observations. Early detection of problems like leaks can save thousands in potential water damage—a particularly important consideration in Chicago‘s older housing stock where small issues can quickly escalate into major expenses.
Make The Repairs Yourself
You don’t need professional credentials to handle basic property maintenance. Many repairs require just some effort and basic skills. However, only attempt DIY repairs when you’re confident in your abilities and understand the task completely. Overestimating your skills can lead to more extensive and expensive repairs! Know when professional help is necessary versus when handling it yourself makes financial sense. While some DIY landlord tasks might seem unglamorous, the significant ROI makes the effort worthwhile—especially when you’re preserving the character and value of unique properties that others might overlook.
Landlords face numerous expenses throughout their investment journey. By implementing cost-effective repair strategies, property owners can significantly reduce expenses and increase their profit margins. Our bilingual team understands the unique challenges of Chicago properties and can help you navigate them with transparency and efficiency.