A key component in managing an investment property is understanding the importance of required and preventative maintenance. Keeping your property well maintained in accordance with relevant legislation protects not only your own interests but those of the tenant.
Compliancy, however, is not the only motivation for continued maintenance. Ensuring your property is properly maintained could affect its value for re-sale and future leasing. Keep in mind that how you maintain your property will determine the type of tenant you attract. Consistent maintenance is sure to repay itself in the form of high quality tenants and preserved property values.
So what does consistent and proper maintenance entail?
Examples include having the property cleaned prior to the first tenant moving in, having pest control carried out annually, having a building inspection carried out every year, planning to re-paint internally every five to six years, replacing carpet every five to six years, and trimming trees every other year.
Timeliness is one of the most critical factors when it comes to maintenance. This involves the property manager advising the landlord as soon as possible of any issues, and receiving the authority to proceed with the required work as soon as possible. The longer the problem goes untreated, the more likely it is to get worse and cost more in the long run.
Having a preventative maintenance plan in place with your property manager is a great way to keep track of items that require future attention, and gives you the opportunity to put in place a finance plan to fund the maintenance projects. Preventative maintenance requirements are generally identified during routine inspections, so it is important to carefully read all reports sent by the property manager and ask questions if you need to.
An investment property is a valuable asset and should be managed accordingly, including routine required and preventative maintenance. The better you look after your investment now, the better it will look after you in the future. Find out how often your property manager walks your property and how they inform you of any issues needed.