Those who are new to investing might not realise the importance of taking care of your property. Whether you’re planning to sell your property or rent it out, regular maintenance is essential. It’s a small cost that can result in you making much more money from your investment.
Make sure you know what work you need to do your property. If you’re renting out to tenants, you should also ensure they let you know as soon as any fixes are needed. Here are some of the key reasons why maintaining your investment property is essential.
It Can Help You Attract Buyers
Many people work on their investment properties with the intention of selling it. The problem is, without proper maintenance, you may have a tough time attracting buyers. When you’re advertising your property, it helps to be able to note that it’s clean and well-maintained.
A little improvement can go a long way. If the paint is cracking on the walls, a redecoration can make the place look brand new. If the central heating isn’t working efficiently, you might want to call in central heating engineers. A well-heated home is important for any potential buyers. Especially in the midsts of winter!
A property that is well-maintained will stand out to potential buyers who come for viewings. Many also get homes surveyed before buying, and knowing that they don’t have to pay for maintenance work themselves can be a deal-sealer. Maintaining your property can also help you bring in renters if you have a buy-to-let property.
It Will Keep Tenants Happy
Maintenance is also crucial when you’re renting out your property. Since you’ll have people living there, you’ll need to make sure everything is kept up to scratch. If tenants have to call you repeatedly to get something fixed, they’re much more likely to leave. Taking care of maintenance can ensure tenants stay longer.
You should give tenants a way to call you if anything goes wrong for the property. You might need to carry out some emergency maintenance at times. Make sure you know who to call for any problems. Having a trusted plumber, electrician, and other maintenance workers will help.
Carrying out maintenance for your tenants doesn’t just benefit them. It also ensures you keep your property valuable for future residents or even for selling in the long run. Of course, it also makes them more likely to pay the rent on time.
It Improves Your Property Value
Perhaps most importantly, keeping your property well-maintained will help maintain the value. In fact, you can even improve your property value with some maintenance work.
Many investors get into the practice of house flipping. It often involves buying a rundown property at a low price and then carrying out maintenance work to improve the value drastically. You’ll be surprised at how much you can raise your asking price by carrying out some repairs and renovations!
You might want to look into which improvements add the most value to a house. Make sure you don’t spend too much- you want to make a profit on your investment. But there are plenty of cheap and efficient improvements which can help you enhance your property value.