If you’ve decided to invest in real estate, you’ve made an excellent choice. Despite the volatility of the real estate market, this form of investment can be incredibly lucrative in the long run. It provides you with passive income, and can even act as a stepping stone to building wealth if the value of the property increases over time.
There are several factors to think about, however, before and after you invest in property. You’ll need to think about the location of the home, its age, and the purchase price, just to name a few.
One criterion that often doesn’t get the attention it deserves is how much maintenance the property will require. In fact, maintenance is one of the top features you should consider when buying an investment property.
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Why Is It Important to Maintain Your Investment Property?
There are several reasons to adequately maintain your investment property, and chief among them is saving money. When you remain consistent with the upkeep of your property, it’s far less likely that you will encounter costly issues down the line, such as mold, leaks, or floor damage. While you may need to invest some time and money in the short term to sustain a regular maintenance schedule, you will save yourself a lot of time and money in the long run.
Additionally, by properly maintaining your investment property, you will preserve and potentially even increase its value. If a home has scratched-up floors, broken windows, and no air conditioning, it will have a lower value than a home without such flaws and deficiencies.
By completing regular maintenance checks and identifying opportunities for improvement—such as adding a dishwasher, applying a fresh coat of paint, or increasing storage space—you can begin to add value to the property.
Having a well-kept investment property will also help you attract the right tenants. At the end of the day, every property manager wants tenants who are responsible and respectful.
However, if you haven’t demonstrated a respect and high regard for the space, you aren’t going to attract a high caliber of tenants. Instead, you may have to settle for renting out to someone less reliable, which could cost you if anything goes wrong, such as missed rent payments.
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Tips for Investment Property Maintenance
Now that you understand exactly how important it is to consistently maintain your investment property, you may still be wondering how to do it. Look no further! Below you’ll find a list of some easy-to-follow maintenance tips to get you started.
1. Care for Your Floors
Flooring is incredibly important in an investment property. Not only can it enhance the aesthetic design of the home, but it can improve its overall functionality, warmth, and health. Whether you’ve got hardwood, laminate, or carpeted floors, you need to look after them.
If you have hardwood floors, good maintenance practices include immediately cleaning spills, sweeping daily, and vacuuming weekly to maintain their durability and shine.
If you have carpeted floors in the home, be sure to vacuum them regularly and have them professionally cleaned at least once a year to ensure they’re staying in shape. Companies like emeraldcarpetcleaning.ie offer excellent and affordable carpet cleaning services, as well as rug and upholstery cleaning services.
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2. Don’t Neglect Outdoor Spaces
When it comes to caring for your investment property, you can’t stop at the interior. If the home features outdoor living spaces, like a backyard, a pool or a balcony, these spaces need to be just as pleasant, safe, and easy for tenants to enjoy. Make a consistent effort to ensure that the following requirements are met:
- Lawns are regularly mowed
- Any outdoor furniture is functional
- All windows and railings are in good shape
- Plants, flowers, and shrubs are watered regularly
Perhaps the most important outdoor component of your investment property is the roof. Conduct regular checks to ensure your roof is in good shape and doesn’t need replacing. Some telltale signs that your roof may need to replaced are as follows:
- Shingles look tattered or are falling off
- The roof is stained or peeling
- The roof is old
- There are leaks coming from the roof
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3. Take a Proactive Approach to Repairs
Whether it’s the fridge or the washing machine, things are going to break; it’s just the inevitable reality. However, tenants are often afraid of bringing such issues to the attention of their property management or landlord for fear of being evicted or blacklisted as a bad tenant.
Others don’t reach out because they feel their concerns won’t be taken seriously or addressed in a timely way. It’s a valid concern; a research study in Australia found that roughly 21% of renters had waited over one week for a response to an urgent repair request.
Don’t shy away from tackling these issues head-on. Instead, adopt a proactive approach to your maintenance routine. Regularly check in with tenants to make sure everything in the home is in working order. Not only will this contribute to effective maintenance, but it will keep the tenants happy and encourage them to stay in the unit longer.
Some common repairs include:
- Blown out lightbulbs that tenants can’t reach themselves
- Broken kitchen appliances, such as dishwashers and ovens)
- Faulty heaters and/or air conditioning units
- Faulty washers and dryers
- Broken windows
While real estate is an extremely smart and fruitful investment path, it’s also expensive. It’s vital for you to maintain your investment property in order to get the most value for your money.
Not only will proper maintenance prevent you from shelling out money on costly repairs, but it will allow you to attract the best possible tenants and increase the value of the property. You’ll ultimately get a better return on investment and end up with more money in your pocket.
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