There’s a reason it’s called maintenance, it means you have to be constantly checking on things to make sure your rental property stays in tip top condition.
Tenants are legally entitled to a safe and habitable property, but it also makes good business sense – if it’s not kept in good repair then your tenants will be few and far between and you will be losing money.
So lets have a look at maintenance.
The Tenant’s View
Make sure you keep in mind that other people are going to be living here and you want them to be safe and happy. Happy usually means they will turn into long-term tenants and that’s what you want. So look at it from their perspective. What would put someone off? Is the gate hanging on it’s hinges? Is the paint peeling? Are there dripping taps? These things don’t take too much money to fix, but they have a big impact on what the place looks like and how your tenants feel about the place.
When you don’t perform regular maintenance and repairs, a few things start happening.
- The problems get bigger and take more money and time to fix.
- The value of the property is more than likely to decrease
- The time between tenants will be longer and longer
What does that all mean? It means less money in your pocket.
When you touch up paint, update fixtures and appliances it shows you are invested in the property and potential tenants will appreciate this. Tenants are also more likely to take care of a property that is already in good shape. If a single broken window can cause a neighborhood to deteriorate, then a what could a single broken window do to your property and your tenants?
When a tenant says there is a problem, it behooves you to investigate. Most tenants are not in the habit of calling their landlord ‘just because’, they prefer to live without the landlord breathing down their neck. So when a tenant calls, then it’s (most likely) for a good reason.
To minimize those calls you can in fact think ahead as to the type of issues may come up. A swimming pool is asking for a lot of work, as well as a large grassy areas and appliances such as a waste disposal. So think about your property and think about any changes that you could make that may mean you’ll save yourself time and money in the long run.
What activities do you do to ensure your investment property stays in tip top shape?