A Guide to Maintaining the Value of Your Investment Property
Once you’ve got a great property in your hands, the work doesn’t end. It’s important not only to add value to it, but to maintain that value for effective maximisation. This will require commitment and attention to particular details.
Maintenance and repairs
Constant communication is key for effective property management. Regularly keep in touch with tenants to identify and solve any repairs, be they urgent or non-urgent. As a landlord, it’s best to be budget for maintenance and be prepared for minor maintenance items such as a faulty air-conditioning, minor issues with kitchen appliances and leaking taps.
Outdoor spaces
Guarantee tenants that the exterior of your property matches the effort you’ve put into the interior. Add plants to liven up the property, but also consider including garden maintenance in the rent. Have broken windows or railings repaired and chipped surfaces re-painted.
Property changes
If everything’s in top shape and requires no repair, consider additions to your property, such as air-conditioning, kitchen appliances like a dishwasher, built-in wardrobes, storage or a shed.
Securing first-rate tenants
To lessen the burden on your part, it’s wise to get a reliable tenant who’ll value your property just as much as you do. High-quality marketing will also attract high-quality tenants.
