The truth is, everything will eventually depreciate — buildings, roads, and even the appliances and systems that are inside your Ivins rental property. As a property owner, it’s important to know what the life expectancy is for each of your rental property’s major interior elements and to have a plan in place to replace them when needed.
The question now is how long do you expect these interiors to last? According to HUD, the life expectancy for common interior items is highest with appliances, air conditioning units, and hot water heaters. For example, a top of the line kitchen range should be well conditioned for up to 20 years, on the hand, a refrigerator or microwave can be anticipated to function for about ten years. Air conditioning units and hot water heaters both have a life expectancy of about ten years, as do faucets and smoke detectors.
Interior items with shorter life expectancies include carpet, tile or vinyl flooring, and interior paint. Each of these usually lasts five years before they begin to look disheveled. Blinds, window shades, and curtains, on the other hand, last as little as three years due to heavier wear and tear even though they are made of components that break more easily than most.
Knowing the life expectancy for each major item within your Ivins rental property can help you to prepare wisely for the inevitable need of replacements at some point. Scheduling regular maintenance service and replacing parts in advance will help you budget carefully, thus protecting your investment and ensuring a regular cash flow.
For more information on replacement planning and how the property management services offered by Real Property Management Southern Utah can help keep your property values high and tenants satisfied, contact us online or by calling us directly at 435-673-4242.