Quote:
Originally Posted by VladtheImpaler
Thanks, I appreciate the theory. I was curious what your actual spend on maintenance and repairs was, historically, as a share of the gross rent?
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Maintenance spend isn't mostly related to gross rent. Its mostly related to the size, age, and upkeep of the building.
I own a condo that rents for $1300/month. Exterior and common area maintenance are in the condo fees, and the interior fixtures were all replaced in a reno. I do minimal spending on maintenance (usually $200/year or less, unless it needs paint).
By contrast, my dad owns an older house that rents for the same $1300. Just in preventative items (furnace tune up, etc) he's over that figure, and the big items (roof, windows, etc) aren't covered in the condo fees. I would budget a few hundred per month in that situation, and save it for the bigger ticket items when you are under.