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What financial reserves should I have in place for maintenance and repairs?
It’s a good practice to set aside a portion of your rental income for ongoing maintenance and unexpected repairs. A general rule of thumb is to save 1-2% of the property’s value annually for maintenance costs. These funds are necessary to cover routine upkeep as well as larger expenses like plumbing, roofing, or HVAC repairs. EGL Properties helps manage maintenance needs by providing estimates and coordinating repairs, ensuring that your property remains in good condition without unexpected financial strain.