Have you’ve been putting off replacing the kitchen, or installing an air conditioner in your investment property? Property maintenance and upgrades are is a must if you want to keep or attract good tenants at a good rental price.
Invest in your Property Maintenance
Rental property prices vary depending on many variables, property location, property type and even property appeal.
Landlords, you may need to consider doing upgrades to keep good tenants and to attract new ones. Property Maintenance doesn’t have to mean a huge capital layout.
Most landlords know the importance of keeping their rental properties well maintained; this will ensure that the property is preserved for future sale.
Regular maintenance and management of your property will help prevent damage, and the likelihood of missed income between tenants.
The key to maintaining your investment property is not always about spending big $$ on renovations. Maintaining what you have to a high standard for current and future tenants to appreciate can be done annually.
A fresh coat of paint, new carpet, blinds and a low maintenance garden can make a huge difference to the appeal of your rental. Remember some of these items be depreciable on your tax. Ongoing repairs and maintenance are just as crucial to keep your investment running smoothly.
Repairs can be tricky to schedule, and the landlord may want to do the work themselves between tenants. If time is an issue, your property manager can have it taken care of quickly.
Maintaining your property will keep long term costs down and you will easily attract quality tenants that will treat your property with care and respect.
Important to remember:
Prospective tenants viewing a property in need of maintenance are less likely to be interested in applying for it.
A property in disrepair will see a significant decrease in value, and a decrease to the income potential.
Any tenant will take pride in a well-presented and well maintained property, and treat it as if it was their own.
Scheduling routine maintenance annually like cleaning gutters, servicing air conditioners, and repairing items identified at inspections will all help.
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