Safeguarding your rental property can be likened to a healthy lifestyle. Proactive efforts to safeguard a rental property plays a crucial part in its long-term performance, just as a healthy lifestyle is a significant contributor to your general wellbeing and longevity. But a question most rental property owners face is how they can maintain or improve the quality of their investment. Here are a few key measures to ensure that your rental property stays in good shape and is well-positioned to provide decent financial returns in the long run.
- Outsourcing your property management
Many property experts agree that a professional property manager who manages a rental’s day-to-day operations, such as marketing, tenant screening, and handling queries or disputes, is critical to an investment’s overall health. Tax deductions are available for property management expenses as well.
- Hire the right professionals
In addition, to property managers, you would need the services of licensed professionals when it comes to maintenance and repairs on your rental property. Improper repairs may result in more costly repairs in the future, or worse, put your tenants in danger. If you don’t have a trusted handyperson, you can look for various recommendations from your property manager, family, friends or the internet. By doing this, you can gain access to various services—from a qualified landscaper and plumber to an accredited level 2 electrician and more.
- Ensuring high-quality preventive maintenance
Landlords are required by law to keep the rental property habitable. This means you would have to do more than maintain the property or repair damages. Preventative maintenance will not only keep your property looking beautiful, attracting and retaining great tenants at higher rental rates, but it will also save you money in the long run and add value to your property. Remember that maintenance is often less expensive than a repair, so be sure to keep your property from deteriorating.
Furthermore, because repairs and maintenance to a rental property are tax-deductible, it may be worthwhile to hire professional services to handle basic tasks like garden clean-ups, lawn mowing, and pool maintenance.
- Regular inspections are required
It’s critical to have your rental property inspected regularly. Not only will this assist you in identifying any issues before they become serious, but it will also give written proof of the house’s condition before and after renters have occupied it.
- Maintain accurate records
It’s critical to keep solid records of any property inspections and repairs, as well as any appliance replacements if you own a rental property. Keeping solid records can help you remain on top of regular property upkeep and ensure that you can continue to charge the highest rent the market will bear while keeping your costs low.
- Encourage your tenants to put out an effort
In general, the more excellent a rental property is, the more likely a tenant will try to keep it that way. Landlords can also assist tenants in maintaining the property by providing equipment such as hoses, gardening tools, and green waste bins to encourage them to do so.
