There is a lot of information out there about how to buy real estate property. Rarely does anyone talk about how crucial it is to take proper care of the property after purchase. Owning real estate property calls for proper maintenance, especially if the property is for commercial purposes. Well maintained properties have no problem maintaining a consistent rental occupancy rate. When your property is well-maintained, it attracts a better quality of tenants and its value does not depreciate. Here are some tips on how to maintain your investment property:
Inspect Your Property
Your property has to be well-maintained and damage-free to keep tenants. You cannot avoid doing minor repairs, and you should do them as soon as they are required. Here are a few things to look out for when carrying out a routine inspection.
For the exterior:
- Carry out roof checks for damaged flashing, missing shingles, moss and mold. Cut off any tree branches that hang above the roof.
- Check if all windows are properly sealed. Seal any gaps which help to avoid heat loss and moisture damage.
- Always keep the exterior painted to protect it from the elements.
- Make sure the compound looks spic and span, with the grass trimmed, and any broken tree limbs removed.
For the interior:
- Drain and remove all dirt from all water heaters. Make it monthly if the water has a lot of sediment.
- Check smoke detectors for batteries and if they are functioning properly.
- Inspect the heating and cooling system. Confirm the filters are okay and nothing is restricting the airflow which may destroy the system.
- Repaint regularly
Carry Out Renovations and Improvements
Tenants love new or developed rental houses. As the owner, you must keep thinking of how to renovate your investment property. You may decide to add a garden, a deck or make the interior more modern by installing glass walls. Research and find affordable interior designs which will keep attracting and retaining tenants.
Follow The Landlord-Tenant Law
Following the landlord-tenant law will assist you to properly manage your property. The law provides a firm structure for you and the tenants and helps you maintain your property and keep it in pristine condition. Maintenance is one of the obligations under this law, and it is very beneficial to you if followed to the letter.
Ensure Tenants Are Happy
If you keep your tenants happy and satisfied, it is considered a part of maintaining your investment property. Keep checking on the tenants’ well-being, which is important in keeping them happy. Make sure any repair request is adhered to. This is one way of building a good reputation which will attract tenants consistently. If the tenants are happy, they rarely move out.
Hire a Property Manager
It is not an easy task taking care of an investment property. You must spend a lot of time doing regular checkups. If you feel it is too much work, hire a property manager to carry out interior and exterior monthly inspections and also collect monthly rent.
If you want your property to be at its absolute best and you do not have the time, a property manager will look after your investment property in the best way possible and assure you of consistent tenancy.