Imagine this scenario: it’s budget season and you are prioritizing your capital expense budget between cosmetic upgrades, which can quickly boost property values, or replacing your piping system. Your property has experienced a few interior plumbing leaks resulting in minor damage to carpet and drywall, but the problem has been manageable with ‘quick fixes.’ As a result, you decide to allot the budget to upgrading the interior (flooring, kitchen and bathroom upgrades, paint, etc.…), only to have a catastrophic leak ruin all of the new interior improvements, your residents’ belongings and your reputation. Not only do you have to pay for property damages and pipe repairs, but you also have to pay, for a second time, for all of the cosmetic upgrades as a result of the water damage.
Because residents can see them, cosmetic enhancements typically take precedence over fixing or replacing aging pipes. In the short term, this seems to make financial sense to increase occupancy, rental income and property values. However, ignoring your pipes, and the subsequent impacts from water damage, can clearly cost more in the long run.
By replacing your pipes before undertaking your cosmetic upgrades, you will achieve these five benefits that positively impact your operating budget and quickly help offset the costs of a repipe:
- Decreased property damages from leaks
- Lower plumbing repair costs
- Fewer insurance claims and potentially lower premiums
- Reduced maintenance and operating costs
- Increased resident retention and improved reputation
In the end, taking proactive steps to ensure a leak free plumbing system is just as critical as curb appeal enhancements, and is required to guarantee a comfortable home for your residents.
To help you decide if you should replace your pipes before making cosmetic upgrades, please call us for a free assessment of your current piping system.