To make sure your investment property gives you a return on investment, you have to keep an eye on things and fix breakages as soon as they happen.
Tenants are entitled to live in a safe house. And it is in your favour too – if you don’t keep your rental in good condition then you will struggle to find great tenants, and you will end up losing money.
What do you have to do?
What does your ideal tenant think?
Keep in mind that people will be living there, and you want them to be safe. When your tenants are happy, 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 falling off? Is the paint looking dull and drab? Are the taps leaking? These things are inexpensive to repair, but they can have an enormous impact on what it looks like and how your tenants will feel about it.
When you don’t perform regular maintenance and repairs, things start to happen.
Problems start off small and then get bigger and take more time and money to sort it out.
The value of your property will decrease. The time in-between tenants will be longer and longer.
Touching up paint, updating the fixtures and appliances shows you have an interest in looking after your property and your tenants will appreciate this.
Tenants are more likely to take care of a property that is already in good shape.
When a tenant tells you about a problem, you need to treat it as urgent and repair it straight away.
Tenants don’t call their landlord for fun, so when they call, then it’s probably for a good reason.
Planning ahead will minimise those calls tenants have to make. Installing a swimming pool is a lot of work, as well as large grassy areas outside and appliances such as a waste disposal.
Think about your property and what changes you need to make that save you time and money in the long run.