The Importance of Maintaining an Investment Property
Once you have secured an investment property in Sydney, the next step is knowing how to maintain it. Not only in order to fulfil your obligations as a landlord – which will in turn keep your tenants happy, but also to maintain and increase the value of your property. As a landlord, you have certain obligations to uphold for the safety and enjoyment of your tenants. There are a lot of resources available in regards to your obligations as a landlord from the NSW Department of Fair Trading and Tenants NSW.
But today, we are here to discuss the importance of maintaining your property for the future. Not only will you have happy and satisfied tenants, but an investment that is working to increase your returns.
As after all, isn’t that what we are all after?
Top 3 Reasons Why Maintaining an Investment Property is so Important
It will increase the value of your property
Maintaining your investment by conducting maintenance as required and even adding desired features can work to increase the value of your property. Adding new features such as heating or air conditioning, installing a dishwasher, adding fans, giving it a new fresh coat of paint or carpet can drastically add to the value of your property. It is amazing what a cosmetic makeover can do to both increase the value, and therefore asking rent of your property. Not only that, you will have some very happy tenants on your hands.
It will save on future costs
Dealing with issues as they arise means preventing the snowballing effect. Small issues can quickly turn into larger (and more costly) issues very quickly. Ignoring a problem will not make it go away. Act immediately on any maintenance requests so that your property remains in a good working condition and everyone if happy.
You will increase the chances of long-term tenants
By creating a home for your tenants by performing regular upkeep, you will have greater chances of securing them for the long term. Chances are if you perform regular upkeep on your property and present it in a clean and tidy condition, you will attract the right type of tenant. If you continue to keep the property maintained at this level, your tenants will be happy and more likely to stay on. This means attending to any maintenance issues as soon as they arise. It means implementing a regular maintenance schedule to help with general ongoing tasks to keep the property up to scratch.
Maintaining an investment property is a priority for any landlord. Your Property Manager will advise you on the steps you need to take to ensure both your obligations are being met and any additional steps you can take to increase the value of your investment. If you would like to discuss how we can help you with your investment property, get in touch with our friendly team.