Maintaining Your Property for Long Term Growth

Maintaining your property is a crucial aspect of successful real estate investment and one that is often overlooked. Many real estate investors focus on finding the perfect property in order to maximise their returns. But more experienced investors understand that keeping a property in good condition and even adding improvements to it increases long term growth and yield.

A well-maintained property brings in above average rent, tenants who are more conscientious, lowers vacancy rates and attracts a better resale price. Property owners who try to minimise expenses after purchasing property by doing away with important maintenance often wind up lowering their property value and rental income.

What Kind of Maintenance is required?

Maintenance for long term investment is really about common sense. Prospective tenants viewing a run-down property are less likely to rent it, and without tenants, your property simply isn’t generating any income. A poorly maintained home is also perceived to be valued less.

There is no need to spend a huge amount of major renovations. Simply maintain the property to a high standard. If the property is a little run down, a few low cost changes can do wonders for increasing its overall value. This includes a fresh paint job, energy saving lighting, new faucets or door handles and landscaping work. Generally speaking, the more presentable a property is, the higher the rental yield is.

A Well-Maintained Property Attracts Quality Tenants

With rental demand in many areas across Australia sitting at average levels, it pays to spend more to attract quality tenants in an increasingly saturated market. It’s important to note that a run-down property tends to encourage similarly careless treatment from tenants or only attracts tenants who are less likely to respect the property.

It has been consistently demonstrated that well-maintained properties are treated with much more respect by tenants. If your tenants appreciate the condition of the property, they are far more likely to rent it for longer and treat it as if it were their very own home.

Good Maintenance is Easier with a Property Manager

Renovations and deep cleaning can only really be performed when the property is vacant but small maintenance jobs can be completed whenever necessary. However, staying on top of maintenance jobs requires thorough inspections. Landlords who self-manage can sometimes forget to check every aspect of the home such as gutters, drains, fittings, fixtures, fences, roofing and garden walls.

It’s essential to check for all signs of wearing, damage, mould and damp. The key benefit of using an experienced property manager is that they know exactly what to look for and can immediately take care of repair and maintenance jobs as soon as they are discovered during inspections or pointed out by tenants.

Need Advice on Property Investment?

If you need a property manager in Geelong or would like to discuss how pro-active property maintenance can benefit your long-term property investment strategy, speak to the team at Hayeswinckle.