Maintaining an Investment Property

Maintaining an Investment Property

The following contribution is from another author.

Depending on your situation, the property that you decide to purchase may be one that’s an investment, rather than a home you see yourself living in for the rest of your life. So to keep its potential value consistent here are some tips for maintaining an investment property.

Keep Tenants Happy

Putting your property in the hands of strangers can be a daunting one, so you have to acknowledge that there may be some wear and tear caused by your tenants over time. To keep this as minimal as possible, it’s important to pick the right tenants and to keep them happy. That includes making fixes to the property as soon as possible and checking in regularly to see if they’re happy. If you’re keeping your tenants happy then it’s more likely they’ll want to do anything to the property to damage it in any way. They’ll also want to spend longer in a property if the landlord is accommodating and pleasant to deal with.

Annual Check-ups

Regardless of whether your property is brand new with all new white goods or an older property, you should continue to get annual check-ups of your boiler, electrics and other features of a property that are expensive to replace. This will help keep tabs on anything that might be needing some work or replacing to avoid any nasty surprises or expensive costs. If things like this are ignored, then it’ll only make this more financially difficult to replace.

Hire A Property Manager

When it comes to renting out your property, sometimes the hassle of sorting it all can be a little too much work, especially if you’re busy. That’s why a property manager may be a good shout if you want to give all of the responsibilities and duties, over to a company or individual who can look after it for you. There are plenty of companies out there that offer to look after your property maintenance and everything that comes with looking after tenants. Yes, it’s a little more costly but the cost in comparison to freeing up your time can sometimes be appealing.

Do A Deep Clean In Between Occupants

All the various tenants you have over the course of which you rent your investment property can differ. Some may be cleaner than others, and some may be clumsier. So making sure you do a deep clean in between occupants will ensure that any fixes or damage done to the property can be removed or resolved so that it doesn’t damage the property further over time if ignored. A deep clean would include carpets and flooring. Touch ups of paint and removal of any mould or mildew. Deep cleans of the oven, dishwasher and washing machine. Clearing out any drains both internally and externally. This can all help with keeping the property in the best state it can be.

So when you purchase a property investment, make sure you are looking after it in the best possible way you can. This will ensure the value remains the same and only increases!

Author

Eric is the creator of At Home in the Future and has been a passionate fan of the future since he was seven. He's a web developer by trade, and serves as the Director of Communication and Technology for a large church in Nashville, TN (where he and his family are building a high tech home in the woods).

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