If you have an investment property that you rent out, it’s important that you maintain and, where possible, improve its value.
Many landlords neglect their investments and can lose out financially in the long run because they end up with a property riddled with issues. Potential buyers are either put off or feel that the property is not worth the asking price, which results in the property being sold for less or no one being willing to take a risk on it.
If you don’t want to fall into that trap, there are many things you can do to improve and protect your investment property’s value.
Deal With Maintenance Issues As They Occur
Whether it’s a dripping tap, a leaking roof, or signs of damp, don’t leave maintenance issues to fester. What may be a relatively easy and cheap fix could worsen and become an even bigger, more costly problem. Yes, it may be a bit of a hassle, but down the line, you will be glad that you kept on top of things.
Not only will attending to maintenance issues ensure that your investment is well protected, but it will also make tenants far happier and less inclined to move elsewhere.
Carry Out Regular Inspections
When it comes to tenants, you never really know how things are going to turn out. Although you will usually take a deposit, which should give you some peace of mind, some tenants don’t care.
Although it’s not common, it has been known for properties to be destroyed by tenants, which is why carrying out regular inspections is worthwhile. You do need to give them adequate notice of your intention to visit, but it could save you from dealing with lots of issues in the future.
If a tenant knows that you are alert, they will be more inclined to keep the property in a reasonably good state.
Make Sure It Remains Pest-Free
From bed bugs to squirrels, rodents and pests can be a nightmare for landlords due to the destruction they can cause. Many of these issues will come down to cleanliness and vigilance, but others can depend on where the property is situated.
It’s a good idea to make sure your tenants know the signs to look out for so that they can alert you as soon as anything arises. According to Nextgen Pest Solutions, a squirrel removal company, scratching, clawing, and scraping noises coming from the ceiling or walls is usually the first sign of a squirrel problem. Tenants should check the attic space and make you aware if they notice any droppings or smell urine.
The situation is similar in terms of rats. They can gnaw through wood, aluminum, and wires and can do lots of damage, so your tenants mustn’t leave food lying around, which could attract them.
Replace Fixtures And Fittings Where Necessary
Although this does come at a cost, replacing fixtures and fittings such as kitchens or bathrooms when needed can add value and rental appeal.
If your kitchen is falling apart or a bathroom is rocking a 1970s suite, it might be worth looking into having them replaced. If the cabinets are ok and it’s just the doors that need an overhaul, you may want to consider substituting them or even painting them if your budget doesn’t stretch to a full replacement.
The more modern and appealing the property interior looks, the higher the monthly rent you are likely to achieve and the greater the likelihood of increasing the market value.
Location, Location, Location
If you haven’t yet purchased your investment property, one of the things that may help maintain or improve its worth, is buying in the right area. The better the area, the more likely it is that your property value will increase over time, so if your budget allows, buy in the best location you can afford. It will also provide you with a greater chance of getting top dollar when it comes to monthly rent levels.
Buying in an up-and-coming hot spot area is also a good idea, particularly if you intend to keep it for a long time. If you arent sure which locations are the best, speak to local realtors and rental agents. Not only can they give you good advice about areas but will be able to keep you informed if anything suitable is likely to be hitting the market any time soon.
Invest wisely now, and you should reap the benefits further down the line.
