Maintaining your investment property to keep long term costs down and rent returns up.
In Property Management I have always noticed a divide in Landlords investment property strategies. We regularly come across properties that are in need of repairs, maintenance and an overall ‘Freshen up’ as some Landlords are not prepared to invest in their investment – then we come across those who are proud owners and will happily maintain and repair the property when required.
This came to mind when I recently visited a property that has been a family investment for almost fifty years, a modest brick fronted terrace that displayed nothing but love.
The owner was proud to show me the property and explained each and every one of the bricks in the driveway were set by him all those years ago. The property wasn’t renovated with a new kitchen and bathroom but what it did have surprised me. The kitchen was around 30 years old, dark timber and dated however it was spotless; this property had been maintained and kept immaculate by the owner and his Tenants for all these years and you could certainly tell. I thought to myself how refreshing to see that this “old” property was so well cared for. It didn’t matter that the kitchen was not new, all the Landlord was required to do was just replace the carpet, blinds and re-paint it to give the house another lease of life for the next round of Tenants to enjoy.
Seeing the garden brought an even bigger smile, the Landlord had decided to take out the lawn and replace it with synthetic grass as he explained that for a small area there wasn’t any point in Tenants having a lawn mower, all the flower beds were filled with low maintenance plants perfect for any Tenant to enjoy.
The key to maintaining your investment property is not always about spending big on renovations, but maintaining what you have to a high standard for current and future Tenants to appreciate. Fresh paint, new carpet, blinds and a low maintenance garden are all part of a winning recipe for any property, but ongoing repairs and maintenance are just as crucial to keep your investment running smoothly.