Maintaining Your Investment Property is Crucial

Maintaining Your Investment Property is Crucial

Buying an investment property is a huge decision, which is why putting time and effort into maintaining it is one of the most important tasks you must adhere to as a landlord. Consider your property to be your greatest pride and protect this investment, so that you can reap the rewards of your actions.

Here are some good maintenance practices – and not just responsibilities – to keep your property’s value up and also to establish a stronger relationship with your tenants.

 

Have Regularly Scheduled Property Maintenance

One sure thing about rental properties is that there will be repair issues that need to be fixed.

It is important to NOT just wait until a problem arises but instead, to be prepared and make sure that routine maintenance actions are taken in order to prevent issues before they arise and minimise property damage.

Of course, you should also ALWAYS be financially ready for maintenance costs, which will depend on your property’s age and condition – regardless of whether there is a tenant or not. This may seem excessive initially, but regularly maintaining a property can actually reduce costs in the long run.

Check out this property maintenance checklist to keep you from wasting time and money:

●     wall paintings
●     yard and gutters
●     kitchen sink
●     flush toilets
●     seals and drainages
●     heating and air conditioning system
●     window screens
●     faucets for leaks
●     driveway for cracks
●     appliances as well as their life expectancy
●     pest and crawl spaces

 

Do NOT Just Hope for the Best

If you or your tenants find any damage to your property, take immediate action to repair them with quality materials. Fix them completely over carrying out temporary repairs, as this will just cause you issues down the track. Do not be afraid to invest money in higher-grade materials to $AVE money.

Say No to Ignorance of Laws

It is certainly one of your obligations to understand what laws may affect your real estate. Learn the building codes and regulations in the area where your investment property is, or you may also seek information or advice from local authorities to discuss legal matters with you regarding your rental property.

Keep the Right Tenants

Choose and keep the best tenants whom you think you can entrust your property with! You don’t want to suffer from severe stress or inconvenience due to irresponsible tenants, right? So, keep the ones who understand their responsibilities well – the ones who can help you maintain the standard of your property as if it’s their own and, at the same time, who also can pay their rent on time.

Aim for Longer Tenancies

In order to do this, it is important that you also keep your tenants happy and satisfied. How? Well, it still all boils down to maintaining your rental home in its tip-top shape. Also, always address your tenant’s concerns right away and they will surely be more appreciative and might be encouraged to take better care of your property. This would also mean higher rental for you in the future!

 

Maintaining your investment property is crucial (tough but crucial), so if you require maintenance for your rental property, Reval Estate Agents can help you manage your investment with very reasonable fees and high quality services.

If you’re interested, contact us at 1300 323 473 or info@reval.com.au, so we can take those pressures off and help make your life easier.