If you are either looking to invest or have recently purchased an investment property, it’s important to be across all the costs that will be involved in the upkeep and maintenance of your property. There can be ongoing incidentals when it comes to maintaining a property, but as long as you keep on top of them and are aware of other potential outgoing costs, the process will be much smoother. Here are a few things to consider and remember when it comes to property maintenance and investments.
Regular services and inspection
Make sure you are scheduling in regular services when it comes to certain aspects of your property. Hot water systems, air conditioning and heating, plumbing and drains are often the biggest killers when it comes to unexpected costs. So, make sure you get your systems inspected once or twice a year to be on the safe side – the outlay for a quick check will be much less than the costs if a system breaks. It’s also important to make sure that your property manager is conducting regular inspections to ensure that nothing has gone wrong.
Put aside some extra cash
Extra costs are always likely to come up when you own an investment property; whether it’s a small amount to fix up a broken tap, or a big outlay when the hot water system finally kicks the bucket. It’s easy to forget about the costs of owning a home when you aren’t technically living in it, but you will still be responsible for most repairs and maintenance even when your home is tenanted. Put aside some extra cash each month as ‘just in case’ money.
Consider the age or state of your investment property
The older the home, the more often repairs may need to be made if it hasn’t been recently renovated. It’s a great idea to get the house inspected carefully before you rent it out to tenants, and fix as many potential issues as possible. Be honest with yourself and think about what may need to be fixed up in the future; will you need to spend money on a new water system in a year or two? Does that lino need to be replaced sooner rather than later?
Get a great property manager
Having an excellent property manager on board will make the processes and procedures regarding maintenance far smoother. A property manager can monitor the property for you, and advise you of any changes or potential upcoming costs. They can also manage any repairs or maintenance on their end – from sourcing the contractor to dealing with your tenants – all you will need to do is approve the decision.
ACTON property managers are experts when it comes to taking care of properties and managing your investment to the best of their ability. They keep on top of inspections, ensure regular repairs are in place, and can advise you on any changes to the property. Get in touch today to find a trustworthy, personable property manager in your area.