Why Maintaining Your Investment Property Is So Important
Category Advice
Savvy investors should be checking the condition of their rental property to see how it can be improved to meet the needs of the marketplace. Whilst landlords are often the victims of negligent tenants who fail to care for the property, it is not unusual for landlords to neglect their maintenance responsibilities. Taking good care of your rental property is highly beneficial and can be done in a number of easy ways:
Choose your tenants carefully
Once the lease is signed, you are basically handing over your property to what may be a stranger. Therefore, it is important that you choose your tenants very carefully in order to avoid any conflict or animosity further down the line. A thorough background check on the tenant is crucial and landlords should obtain a list of reference numbers from the prospective tenant. This can help the landlord find out things such as: the tenant’s current place of employment; what their current credit rating is and whether or not the tenant has been evicted in the past. Acquiring the help of a rental agent can take the stress of choosing a tenant off of the landlord as the agent will screen any prospective tenants on the landlord’s behalf.
Fix minor issues and prevent larger ones
Although it is the duty of the tenant to report any wear and tear maintenance which occurs throughout the leasing period, it is very important for property owners to adhere to maintenance requests and check up on the property regularly. It is suggested that landlords check up on the property every 2-3 months to ensure that any wear and tear damage is taken care of. Regular maintenance can be more economical in the long run as often when small repairs are neglected, they turn into much larger repairs which can be quite costly further down the line. Regular repairs and maintenance will also keep your tenants happy and ensure that you sustain a good relationship with your tenants.
Increase the value of the property
Ensuring that your property is in a well maintained condition can also benefit you in the long term as it will improve the appearance of the home, making it more appealing to future tenants. This also applies for someday when you wish to sell your property as a well maintained property is more sought after than a dilapidated property with a list of repairs. It can also be highly beneficial to invest in the rental property by adding and upgrading certain features every few months. This will ensure that you gain a higher return on investment someday when you wish to sell your property as the new features will improve the value of the property, ie: a new swimming pool, ceiling insulation or an outdoor braai area.
Hire a property manager
There are a myriad of benefits which come with acquiring a property management company to help you with your rental property. Not only will property agents be able to assist you in acquiring quality tenants, but if any legal issues do arise during the leasing period, a knowledgeable property manager will ensure that you are not leaving yourself vulnerable to potential legal action. In addition, a property manager will be responsible for ensuring that rent is collected on time each month, acting as a buffer between you and the tenant. Finally, by hiring a property management company, you will no longer have to stress about property maintenance as you will have access to both their in-house maintenance staff and their network of licensed contractors.
Maintaining your investment property is a crucial part of being a landlord and this can be made much easier when you have a trustworthy real estate agent managing your property for you. If you do not acquire a property management service, it is important that you ensure that the investment property is well looked after as this will improve the value of your investment and help sustain good relationships with tenants.
Author: Dormehl Property Group
