Maintaining your investment property to grow its long term value
When you first purchase an investment, you most likely will have spent a lot of time (and money) finding the right property to reach your financial goals. Unfortunately, the hard work doesn’t end there. Such a sizeable investment requires continual care and effort. You wouldn’t buy a Porsche and not get it serviced. Similarly, your investment property needs ongoing care to maintain its value. Although it can feel like a lot of effort, proactive maintenance is crucial for boosting your rental yield for years to come.
Discover our best advice for taking care of your investment property to grow its value. You can also request a free rental appraisal here if you’d like some personal guidance to ensure you reach your long-term financial goals.
The importance of keeping your investment property well-maintained
If you want to ensure that you’re making the most out of your investment property, upkeep is essential. Rental properties that have been well taken care of have a competitive advantage in the market. Not only will you be able to attract a wider tenant pool, but the condition of your property will be worth a higher rental price. Tenants will also be more likely to stay long-term, and vacancies can be avoided. If you decide to sell the property down the track, keeping it updated will help increase its value so you can make high returns on your initial investment.
Whose responsibility is it to take care of my property?
The day to day management of your property is a huge task. Fortunately, taking care of your investment is a team effort, and it’s crucial you understand each party’s roles and responsibilities. Although you have essential duties as a landlord, your property manager is the expert in taking care of your investment and should keep you informed about your property’s condition with proactive communication. They are responsible for taking care of the property by liaising between the tenant and landlord about any issues, finding good long-term tenants and conducting routine inspections. Your tenants need to ensure the property is kept in the condition they found it in and report any maintenance issues as soon as they arise. They are also required to request permission to change the property.
Property maintenance checklist
Keeping your property maintained and the rental returns high doesn’t have to be complicated. You don’t need a total makeover and renovation to make an impact that will boost the appeal and attract a broader scope of tenants. Staying up to date with the condition of your property and doing consistent maintenance over the years will ensure that your property continues to grow in value over time.
Be proactive with repairs
Address any issues with the property as soon as they arise rather than waiting until they become bigger headaches. The sooner you catch these problems, the easier and cheaper it is to get them fixed. For example, a regular pest inspection is a much smaller hassle than trying to fix the damage of an infestation that is out of control. Although some urgent repairs may be needed unexpectedly, you can be prepared for requests that are likely to arise. Issues with kitchen appliances and faulty air conditioning are both common concerns your tenants may bring up that you can plan for.
You can proactively care for your property in between tenancies with simple home maintenance jobs. A fresh coat of paint in a neutral colour will stand the test of time and make the place look lighter and brighter. It will also cover any general dirt, scuff marks or stains that appear on the walls over time. You can also opt for new carpets in a durable style or update window coverings for newer, more cost-effective options such as roller blinds.
Consider the outdoor space and garden
It’s not just the interior of your property that needs care and attention. The outdoor features are an integral factor in improving the perceived quality of your investment property. A neglected outdoor space risks losing the attention of great potential tenants and reduces the pool. Simply re-painting chipped surfaces and maintaining the lawn and garden will make a big difference in its appeal.
Add new features
While your property may not always require repairs or maintenance, new features can be added to help increase its value. Particularly if your property was built or purchased some time ago, it may need to be upgraded to align with the current market expectations. For example, many tenants expect to find rental homes with air conditioning, especially for the hot Perth summers. These new additions will improve the tenant experience and increase the likelihood of longer tenancies. Many investment properties in Perth are quite similar, so yours must have a competitive advantage. Certain features may be the point of difference that makes your property the most desirable and allows you to charge higher rental prices. A simple way to add value is through additional features such as a dishwasher or built-in storage spaces.
Attract quality tenants
Good tenants are a significant contributor to the success of your investment. Not only do they tend to stay longer, but they are also more likely to look after the property well and communicate actively with their property manager. Although keeping the property maintained will help attract these tenants, you will also need to market it effectively. Your property manager will be a huge asset here, as they have the experience and knowledge required. Ensure the photos of your property are updated, showcase the great condition and highlight the most attractive features. Accurate descriptions should be included to further sell your property to the right tenants. At Access Property Management, we go the extra mile to create video walkthrough tours to give potential tenants a clear vision of the property and its best features.
Stay up to date
Property is not the kind of investment you can purchase and forget about. To reach your financial goals and maximise your returns, you must stay updated and engaged. A property manager with excellent communication skills is integral to this. They should have a good relationship with the tenant and keep you informed about the property. Regular inspections with comprehensive reports are a fantastic way to keep everyone in the loop about the property’s condition. A solid understanding of the property market will also ensure that you’re making the most of your investment. Either through your knowledge or the expertise of your property manager, this understanding will help you keep your property up to date with the current market demands.
Not sure if your property manager is up to scratch? Use our checklist to ensure your property is in the right hands.