If you are the owner of an investment property, you are responsible when something breaks down in the building. So when the tenants call with an emergency, you will need to have a list of local repair companies you can contact, and money in the bank to pay for their services.

One of the best ways to protect your property investment is to purchase a home warranty that covers your home against unexpected system breakdowns that can be costly, particularly if the heating or plumbing systems need repair. The yearly cost of a good home warranty is probably less than the cost of replacing a broken water heater. If your property is older, a home warranty will provide you with greater security and peace of mind.

Another way to plan for investment property repairs is by building up a monthly surplus account, where part of your positive cash flow can sit in preparation for the day some major repair is needed. Having a "rainy day" fund will relieve you of financial stress when something has to be fixed.

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Christine Lane
The Lane Team, Inc - RE/MAX Village Square
516 Valley Road
Upper Montclair, NJ 07043
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With over .5 BILLION dollars in sales volume, The Lane team has been THE leading sales team in the Montclair area for over 17 years. Our production places her within the top ¼ of 1% of all Realtors nationwide. The Lane Team ranks as THE #1 Sales team in REMAX Village Square’s FOR HOMES SOLD 2008 and the #2 Sales Team in the State of New Jersey (COMMISSIONS 1999-2007) and #3 for commissions in 2008.

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