How to Maintain Your Teton County Investment Properties

Teton County, WY, is home to some of the most beautiful areas in the western United States, including Grand Teton National Park, Yellowstone National Park, and the Jackson Hole Valley. While the number of real estate transactions remained somewhat steady in 2021, the median sales price of homes in Jackson has hovered at nearly 20% above last year’s prices.

If you’re interested in an investment opportunity in one of the most luxurious housing markets in the West, you’ll want to know how to maintain your Teton County investment properties. Whether using your investment properties as a second home or renting multiple properties seasonally, it’s essential to keep your investment properties well-kept and free from any damages. Doing so can improve the life of your home, potentially increase profits, and allow you to hold on to good tenants.

If you’re looking to make the most out of your Teton County real estate properties, here’s what you should know:

As a property owner, it is your responsibility to maintain your property according to local laws and ordinances. According to Wyoming state law, a landlord must reasonably maintain and/or repair their property fit for human habitation, including maintaining all electrical, plumbing, and heating systems. Following local landlord-tenant laws benefits all parties, especially if your rental properties are used for tenants renting year-round.

Proper home inspections can help investment property owners identify potential maintenance issues and ensure that their properties follow local and state laws. Property owners can conduct move-in and move-out inspections to determine any problems before and after a tenant moves in and out of your property.

Even if you aren’t planning to rent your properties at all, you will want to do a thorough inspection of the home to get an idea of the existing condition of your investments. In most cases, you’ll have a professional home inspection completed before the purchase or sale of your properties, but it is always a good idea to look over them a second time.

In addition to move-in and move-out inspections, you’ll want to periodically make inspections on your home to spot any issues that may have occurred over time. It’s good to routinely check water heaters, smoke detectors, heating and cooling units, paint, and general disrepair.

As a property owner, it can be good to think of ways to renovate and improve your real estate investment properties, mainly if those renovations help avoid costly repairs down the road. For example, updating the style of the home’s exterior, including updates to the lawn or adding a garden, can potentially do wonders for your investment properties. Often, you’ll be able to make affordable renovations and provide a good return on your investment. These new and improved changes will improve the value of your Teton County real estate properties and potentially attract new renters and tenants.

When it comes to maintaining your investment properties, you shouldn’t stop at the interior. Most homes for sale in Teton County feature outdoor living spaces, and keeping those spaces up to date is just as important as the rest of the house. In most cases, it’s the owner’s responsibility to consistently make an effort to ensure that lawns are regularly mowed, and plants, flowers, shrubs, and other landscaping features are watered and taken care of regularly. Outdoor maintenance is often set to a seasonal schedule, and you’ll most likely want to hire a professional to take care of it for you.

Thinking ahead could save you money and a headache while keeping any tenants you may have happy. If you notice something wrong—or potentially wrong—with your property, do something about it as soon as possible. Keep an open line of communication with the people who may be renting your property and any long-term tenants. They may notice something you missed, or more importantly, they may see something that needs immediate attention while away. If you wait to make repairs, you risk further damage to your property and more money spent on costly repairs.

If you own multiple properties, you should consider hiring professionals to help you maintain your investments, primarily if your properties are located in the same area. Hiring landscapers and lawn care professionals to take care of the exterior of your properties are some of the easiest to set up. In addition to contracting with a company (or companies) to take care of the outdoor areas of your home, it’s essential to consider working with professional carpenters, electricians, plumbers, roofers, and other skilled technicians who can be available when you need them. When working with professionals, always make sure they are licensed and bonded.

Taking care of your real estate investment properties can seem overwhelming at times. Managing and maintaining multiple properties can take a lot of your time, so try to build a routine. If you begin to feel like it’s too much, you may consider hiring a property manager or someone who will maintain your Teton County real estate properties. These services can be costly, but you potentially save time by hiring someone to help you. A property manager can do everything you want, from interior to exterior, all the way to handling the monthly rent.

Now is a great time to consider making a move on real estate investments in Teton County. If you’re ready to learn more about the most effective ways to maintain your real estate investments or are interested in purchasing homes for sale in Teton County, reach out to Deirdre Griffith when you’re ready to start the buying process.