To ensure that your rental property stays in tip-top condition, you need to maintain it. Maintenance doesn’t have to be a big problem if you keep on the little stuff. You maintain your rental pretty much how you keep on top of your own residence.
Preventive Measures and Ongoing Maintenance
To successfully prevent issues, you need to know the property inside and out.
- Did you buy a property with internal drains rather than external? Make sure that either you have some kind of overflow system.
- Have you made sure that the internal windowsills are not cracked and splitting through condensation in winter? If not what do you think will happen to the woodwork?
- What about the paint on the outside of the house, is it starting to break down and letting in water?
- Have you inspected the plumbing (any dripping taps?), the electrical system?
- When was the last time you cleaned the filters in heat pumps and water filtration systems?
- Are the trees on the property causing problems for neighbours or power lines?
All these things are important to ensure that the house stays in shape and tenants (and neighbours) are happy.
Have you had a call that there is a broken window, a blocked toilet, or the waste disposal is jammed? Get it sorted out as soon as possible. Fixing issues quickly ensures that you will have a healthy relationship with your tenants and that the problem won’t get worse. Leaving things to fester, just makes the repair more expensive to fix later.
It seems like an expense that you don’t need, but can help to get a higher rental return. Replacing the carpet if it is old and worn out, painting or installing a heat pump will add value to your investment. You will also keep existing tenants happy and potential tenants will come knocking.
If you are not proactive with your rental, the property will start to deteriorate – faster than you would like! It is pretty much a certainty that you will lose quality tenants and your rental returns will fall away. That’s not what you got into this business for! So either you must be a very handy with tools, pay someone to do it, or use a property manager to ensure all this work is done.
So what is you least favorite activity about maintaining a property?