When picking an investment property in Limerick, there are a number of important factors to consider about the external and internal appearance and ease of maintenance. Here are a number of reasons why you need to maintain your investment property.
Fix minor issues to prevent big ones
It is one of the tenants’ responsibilities to report maintenance when it occurs throughout their leasing period. It is also very important for owners not to ignore maintenance requests – this benefits the tenants but also fixing minor issues as they occur could be more economical in the long run as leaving items un-repaired could result in one big repair and could result in a higher price to do so, for example a worn washer could turn into a whole tap replacement if not repaired in time, leaking taps could affect your water usage recovery from the tenant. Ongoing maintenance can also spread a Landlords expense over a longer period.
Keep the best tenants
When a tenant moves into the property your expectation is that they would care for the property like as if it was their own home. Keeping it clean, paying their rent on time and so forth.
One of the reasons tenants give notice to vacate is the lack of maintenance done by owners. Main reasons why maintaining the property is important is to keep your tenants happy, your property in good shape and it betters the chances of a higher rental return / sale return in the future if you keep on top of your property maintenance as it arises.
Keeping tenants happy is beneficial as it can result in a longer tenancy, they will be more appreciative and they also tend to maintain your property better when it is maintained maintenance wise. An unhappy tenant could result in a vacancy which could cost you a lot more than a repair would have.
Increase the value of the property
Keeping your property in a well maintained state also benefits you in the long run as it looks more appealing to new tenants, and also if you choose to sell down the track, a well maintained property is more sought after than a rundown property requiring repair. You will also gain a higher rent return and a higher sale price by keeping on top of little issues and increased financial leverage.
Some owners plan to keep this investment within their family or to one day move into the property themselves, so other items you make take into account is the area you are purchasing in for this reason for locality that may benefit you in the future or benefit the rental return in ‘up and coming’ areas.
How a good property manager helps with property maintenance
The cost of maintenance never gets any cheaper. The cost of labour and materials only ever increases. Pinnacle Group believe the most cost effective way to do maintenance is while the tenant is still in the property paying rent. Waiting until the property becomes vacant may result in a longer vacancy period between tenancies. (Depending obviously how big the job is)
Handling maintenance issues when they arise and with Routine inspections of the property to assess what needs to be done in the near future can help keep your investment in its premium market and assist you in the future if you do decide to move in or sell.
Maintaining your property is an important part of being a Landlord, and having a good real estate agent managing your property is also part of this importance. If you have a ‘budget agent’ where you are viewed as just another client, and your property just a number they might not be recommending any upgrades or reporting any issues as urgent, which as mentioned previously if some repairs are left it could result in more repairs required and a higher cost to yourself.
Pinnacle Group recommend visiting your property at least every few years to check on how it’s being maintained by your tenant, your agent and maintenance wise.