Regular maintenance on your investment property may seem like a financial outlay that has no real return value, but this is certainly not the case. The biggest mistake that you can make as a landlord is to allow your investment property to deteriorate.
Long term thinking
Your investment property could be a sure ticket to a comfortable retirement, which is why it pays to take care of it.
Of course, there’s only so much you can do in this regard, this is why having a good property manager on your side is crucial. Maintenance is a serious issue, which is why so many people prefer to entrust the responsibility to a professional who can liaise with all necessary parties on their behalf.
Save funds for a rainy day
Put money aside to ensure that you can maintain quality locks, security screens, a fresh coat of paint when required, air-conditioning, floor coverings, tap fittings, window treatments, tiling and repairs to cupboards and doors if needed.While these expenditures are not only likely to lead to higher returns, but many are tax deductible.
By maintaining your investment property well, tenants are less likely to neglect and damage it, as most tenants will keep a rental property in the same or near to the condition, they found it.
Work with your property manager on a 'maintenance plan'
Regular maintenance will ensure that minor issues do not become large ones. For example, we find that many properties have small water leaks upon close inspection (unknown to the owner). When this minor problem is not identified in the early stages, owners could be faced with a bill of $10,000 + down the line. When a tenant reports a small water leak, long term thinking is necessary.
Consider offering additional services
While we’d like to think that tenants will look after a home as if it were their own, this is not always the case. Often, we see tenants ‘drop the ball’ when it comes to larger jobs like gardening. By offering additional maintenance services, such as lawn mowing/gardening, it can not only put more money in your pocket – as you can increase rent - but it will ensure the property stays well maintained during the tenancy.
Landlord Insurance can cover you for an array of issues from natural disasters to tenant related issues such as damage. When it comes to your investment it pays to be protected.