If you’ve been putting off replacing the kitchen or installing an air conditioner in an investment property, now might be the time to look at your competitive position. Property Maintenance is a must do!
Invest in your Property Maintenance
Rental prices in the Gladstone Region have stabilised, rents have fallen, and vacancy rates across region are starting to increase.
Tenants now have the luxury to be a little bit fussy with a saturated market and landlords need to be ready to spend on upgrades to maintain their tenants or attract new ones. Property Maintenance doesn’t have to mean a huge capital layout.
Good landlords know the importance of keeping their rental properties well maintained; not only to maintain or attract tenants but it is also in the landlord’s financial interests to ensure that the property is kept in good condition.
Regular maintenance and management of your property will help prevent damage and decrease the likelihood of missed income in between tenants.
After all, without rent coming in regularly each month, a property is worthless.
The key to maintaining your investment property is not always about spending big on renovations, but maintaining what you have to a high standard for current and future Tenants to appreciate.
Fresh paint, new carpet, blinds and a low maintenance garden make a huge difference to the appeal of your rental. However, ongoing repairs and maintenance are just as crucial to keep your investment running smoothly.
Sometimes it can prove tricky on ‘when’ is the best time to complete this maintenance. Landlords may be able to do some of the jobs themselves between tenants or if time is an issues ask your property manager to obtain quotes to keep your investment property in top condition. Perhaps it’s time to review your property maintenance.
Regularly maintaining your property keeps long term costs down and you are able to attract better quality Tenants that will hopefully treat your property with care.
Important to remember:
• Prospective tenants viewing a run-down property are less likely to want to rent it.
• When your property is run down it will attract the same type of treatment from a tenant. Like attracts like.
• If a property is not regularly maintained it’ll likely cost more and take longer when maintenance or repairs are eventually undertaken.
• The value of a property in disrepair is significantly lowered, decreasing both its investment and rental income potential.
• Tenants are more likely to take pride in a well-presented property and treat it as if it were their own.
• It is a good ide to arrange routine maintenance on an annual basis such as checking drains and gutters, checking for signs of mould or damp, having air conditioners serviced, mending any broken or leaking fixtures and generally inspecting and repairing any aspects of the property that could present problems.
• Examine fences and garden walls to ensure that they remain in sound condition, together with inspecting the roof for signs of damage.