Propertyscouts Invercargill

Maintaining Your Investment Property - 20th Feb 2017

Maintaining Your Investment

PROPERTY MAINTENANCE AND RETAINING TENANTS

Yes there is a link!!!

There are two very important reasons to maintain your investment portfolio.  As investors ourselves we understand the headache and frustration that unforeseen maintenance can cause, however turning a blind eye to the problem WILL NOT save you money in the long run. 


Reason One - Tenant Retention

It is important to remember your investment property is a tenant’s home.  If you wish to keep good tenants that look after your property, it is important they are not left hanging when it comes to maintenance.  The frustration we see constantly with tenants looking to move property due to "landlord’s lack of maintenance" is evident.

Good tenants want to be in a property that is cared for, and in turn they show far more respect for the property as it will feel like home.  If you want to keep good tenants that care for your property, you need to care for the property, or face high turnover of tenants resulting in vacancies and frustrated tenants that will not bond with your property and want to stay.


What's A Run Down Property Worth In The End????

Saving a dollar now is sure to bite you later.  We have all been to look at Investment Properties that are run down and uninviting.  


Another Run Down Rental......

The property price drops significantly as not only does the repair work need done, it limits the buyers, and the buyers who are looking are generally looking to increase value to pay off for the work needing done.  No one wants to buy a property if renovating it does not add extra capital immediately.  Unless there is instant capital in the property to be made, why bother????

The point is, think about what type of property you buy (the older the home the higher the maintenance generally). Factor in maintenance costs, and try not to see them as a negative, rather look at them as protecting your investment by attracting better tenants and retaining them. In turn having both maximum return on investment and limited vacancy times.  Retain your asset to make sure your investment is the nest egg you intended it to be when it comes time to sell.
 

 

 

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