Importance of Property Maintenance: Avoiding Deterioration

In every suburb, at least one property is in a state of deterioration. 

Driving past older, run-down properties is not unusual in a neighbourhood, especially because Australia has harsh elements that can cause a property’s external structure to slowly decay. In addition to that, there are also homeowners and landlords who unfortunately don’t know how to do property maintenance; thus, problems keep arising and they end up spending more effort, money and time.

Here are some examples or signs of a deteriorating property:

• mildew, mould, rising damp and/or vermin infestation
• rotten woodwork, broken glass, wall and floor tiles
• sagging roof, missing and/or broken roof tiles
• water damaged ceilings
• unsteady walls or balustrades
• rusting pipework or leaking taps
• broken gutters and downpipes
• cracks in walls larger than 3mm wide
• faults with electrical wiring and fittings
• blocked drains and poor plumbing
• bubbling or peeling of paint work
• overgrown vegetation not cut back from the building
• retaining walls failing or showing movement
• hot water system not installed correctly or severely aged

Why Should You Maintain Your Investment Property?

There’s no other greater explanation than saying that a property is the most significant investment you will ever own. And if you keep your property in good condition, this should lead to:

TENANT SATISFACTION

Being a landlord means taking care of your property and tenants at all times. And if you do and care, your tenants will continue to reside on your property for a long time.

Keep in mind that tenant retention is way better than having to look for new renters frequently. This avoids vacancy, moving in and out wear and tear, and re-leasing costs.  

HIGHER SALE VALUE

A well-maintained property with clean surroundings means fewer repairs. And with that, you will be able to attract good tenants and potentially sell your investment at a much higher price. No one likes to buy a poorly maintained property and spend an extra amount repairing or renovating it!

Keep your property clean without any damages to the windows or doors. You can also get it painted to make it look attractive, and clear any clutter during the process.

MAINTAINING RENTS AT MARKET RATES

You will have the power to increase your rents as per the market rates if you ensure it’s in a tiptop shape. An extra $20 or $50 a week due to having a well maintained and presented property can add up considerably over the course of years and can far outweigh the maintenance expenditure to achieve this higher rent.

REDUCTION OF LIABILITY INSURANCE 

Another great benefit of maintaining your property is that it provides safety to your tenants. Regular maintenance can avoid major accidents such as a broken window or getting injured after falling down the stairs.

Because of this, it is crucial that you do not delay fixing any hardware components or be ignorant of the issues. After all, no one wants to feel responsible for causing injury to another person by neglecting necessary repairs.

With that said, it is just good sense to keep your property well-maintained by not allowing it to fall into a state of disrepair.

Remember, neglecting a property is not good business and could exacerbate into bigger more costly projects.

A Few Helpful Tips for a Good Property Maintenance

• Hire property managers to oversee and manage your property
• Use reputable local tradespeople who can do repairs and fix issues, regardless whether it is a big or small one, on a regular basis
• Conduct regular inspections for both interior and exterior maintenance
• Promptly fix leaks, check fire extinguishers, air conditioner filters, and hot water systems
• Repair and replace things that need fixing promptly to avoid further deterioration

Plumbing, heating, cooling, roofing problems, windows, doors, drains, pipes, sewerage, lost keys, and electricity problems are just some of the common issues that can pop up as maintenance items on your investment property.

Choosing a property manager who takes a proactive approach to property maintenance is the key to having your asset value protected, maintained and enhanced.

Talk to us to have your investment property proactively managed!