Property upkeep to maintain value
There are many advantages to keeping your property neat and clean. A well maintained property maintains value and attracts better quality tenants, which benefits both sides.
Landlords who can envisage how a tenant feels when they walk into a well-kept, clean property can also understand that it is more likely to be cared for and maintained, which will enhance the value of their investment over time. Whereas, a run down and unkempt property is more likely to attract the same calibre of tenant and receive the same type of treatment.
Investing in new paint and recarpeting may be some small measure to ensuring your property is continually rented out and keeps the property income flowing. Regular and prompt maintenance of your property is also important to ensure its ongoing rental potential and value as lack of maintenance could end up being more costly when items fall into a greater state of disrepair. Cosmetic touch ups and replacing old fixtures and appliances can even enable landlords to charge additional rent to the next tenant.
Tenants are protected by the Residential Tenancies Act and have a right to enjoy a safe and habitable living environment. Homeowners are expected to maintain their property to the relevant standards of The Act and may have their claims for repairs denied by landlord insurers if these standards are not observed.
Routine inspections and the Property Manager’s communication with tenants can allow early detection of potential problems and maintenance issues, which is in the best interest of both parties. Landlords should be aware that they won’t be covered by standard building and contents insurance if their property is not tenantable due to previous damage.
Observing the relevant rules and proactively maintaining your property will not only enhance its rental asking price, but it can also increase its market value and protect its financial longevity.
Source: Residential Tenancies Act 1997