Whether you’re a landlord or rental manager, looking after a property can be challenging work. However, if you stay on top of property maintenance and undertake inspections, it doesn’t have to be too difficult.
Small details are often overlooked, particularly when the issues don’t appear to be pressing. However, an accumulation of these small problems is bound to lead to more severe ones. If you’re still unconvinced as to why regular property maintenance is necessary, read on as we discuss the key benefits!
Property is an investment purchased with the expectation it will grow in value. In the future, if you want to cash it in, putting a well-maintained home onto the market is bound to draw more demand and fetch a higher price than a neglected home in the same location. Additionally, if you’re providing a quality home, renters are usually happy to pay a little more rent.
Neglecting a property is not going to hurt its value immediately. However, over time as the property deteriorates, its value may be adversely affected. By the time you need the property to be in stellar condition, you may find it very costly and time-consuming to restore it to its original glory.
The rental process can be stressful, from the uncertainty of the quality of your next tenant to missing periods of rental income. If you’ve already got excellent tenants, then you’ll want to do everything you can to retain them.
If you still find yourself left with the task of finding new tenants, a comfortable and clean home will attract more potential tenants, giving you multiple options so you can take your best pick. If your previous tenant was exceptionally happy with their experience, they might even refer a friend as a potential tenant, helping you maintain a continuous stream of rental income.
While regular property maintenance may feel like another taxing expense, in the long run, you’relikely to save more money.
Take, for example, a leaky roof. Rather than having to replace the entire ceiling due to mould ingress from a loose tile, if you keep on top of maintenance and identify the issue early, you may only need to fix a tile or two. The same applies to almost every aspect of the house. Don’t wait around until the issue is glaring at you, take care of it early on!
Enacted in 2019, the Healthy Homes standard requires all landlords to comply with minimum standards for heating, insulation, ventilation, moisture, drainage, and draught stopping. To meet these obligations, regular maintenance is required. Landlords are legally responsible for cleaning gutters to ensure the proper drainage of rainwater.
Additionally, services for any ductedheating or ventilation systems are also the landlord’s responsibility. This helps to reduce mould and dampness in the house, benefitting both the tenant and landlord as the quality and integrity of the house are maintained.
While landlords and tenants are jointly responsible for the maintenance of the property, the burden swings largely toward landlords. Although you aren’t living in the property and can’t enjoy the immediate benefits of a well-maintained house, in the long run, you are certainly the biggest beneficiary as the value of your home increases.
Thanks to Propertyscouts for the content and insights. If you would like to learn more about the benefits of regular property maintenance, you can visit Propertyscouts website here.