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Essential Investment Property Maintenance

  • August 4, 2017
  • By Grace
Essential Investment Property Maintenance

If you own an investment property that you rent out, you’re responsible for maintaining it. Your tenants might have some duty to keep it in a generally good condition, but it’s usually up to you to take care of the larger things. You’ll need to do things like deal with electrical or plumbing issues, or make repairs to the roof. Maintaining the property helps to keep your tenants happy, and keeps the property up to date too. However, it can be more work than you expect it to be. There are a few different things to take care of that you should keep in mind.


Day-to-day Management


Firstly, there are some general maintenance issues you need to think about. There can be various minor issues that need troubleshooting, but that don’t rise to the level of an emergency. They could include things like leaking faucets, broken fixtures or fittings, or exterior damage to your property. Depending on what type of property you own and how many properties, you might hire someone to talk care of these jobs. They could help with maintenance in an apartment building or across a portfolio of properties. However, you might just need a service to occasionally help you out.




Renovating the Property


Every few years, you might think about a more thorough renovation of your property. This can help to keep it looking fresh, as well as keep its value up. Renovating a property when you have tenants can be difficult. You need to work around them, and they might not be pleased by the work. However, a service like Schemel Tarrillion can help by renovating one room at a time. That means there’s no need for your tenants to go anywhere else, making it much more convenient for them. You can also renovate between tenants if you prefer that option.


Communication with Tenants


If you want to keep your investment property well-maintained, good communication with tenants is important. They need to feel like they can contact you with problems and that you will respond to them quickly. Alternatively, you might have a property management company that looks after the property for you. However, it’s important to ensure that the service is maintaining your property to your and your tenants’ satisfaction. You should stay in close communication with the property manager, as well as try to have direct communication with your tenants sometimes.


Carrying Out Emergency Repairs


Occasionally, an emergency repair might be required. Taking care of it as soon as possible is essential, so you or a designated contact needs to be easily available. Your tenants don’t want to have to wait for you to finish your work day to send someone out to fix their heating. They should have a number they can call or a guarantee that any emergency repairs they pay for will be reimbursed by you. Emergencies could range from your tenants getting locked out to burst pipes.


It’s your duty to take care of your investment property, so make sure you do it. Regular inspections can help you make sure it’s up to scratch.


By Grace, August 4, 2017
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