Continual, regular maintenance on your investment property may seem like an expensive outlay that has no real return value, but this is not the case. One of the biggest mistakes that you can make as an investor is to neglect the maintenance on your investment property and allow it to deteriorate both in looks and in value.
If you bought a rental property in poor condition, an older home, or if you have tenants that do not regularly tend to the upkeep of your rental property, you could be left in the lurch when it comes to resale time. Likewise, if you opt to cut corners and save money on maintenance in the short term, this is likely to show when you go to sell.
Peard Group’s Managing Director, Maree Overton, recommends taking a proactive approach to maintaining your property.
“Put money aside to ensure that you can maintain quality locks; security screens; a fresh coat of paint when required; air-conditioning; floor coverings; tap fittings; window treatments; landscaping and clean gutters; contemporary tiling and repairs to cupboards and doors if needed.”
The good thing is that many of these expenditures are not only likely to lead to higher returns, but many are also tax deductible.
Also, by maintaining your investment property well, tenants are less likely to neglect and damage it, as most tenants will keep a rental property in the same or near to the condition in which they found it.
We recommend investing your money in a property that is low-maintenance and does not require any additional structural work or upgrades from the outset, to save you time and money down the road. However, remember that even the best rental properties require continual maintenance to keep it in tip-top condition.
It may also be worthwhile to look at employing a professional property manager to manage maintenance needs. Property managers can contribute to the protection of your long-term return on investment, and they also offer screening services through the National Tenant Database to check if prospective tenants have a poor rental history.
You can find out more about getting your investment appraised by a property manager here: http://www.peard.com.au/Renting/Appraisal