Property investors spend a considerable amount of time researching for an investment property. This is only half the skill of being a successful real estate investor. The other very important factor, is keeping the property well maintained and in good condition.
There is a tendency amongst property investors to try to minimise ongoing costs associated with property investments and in turn trying to maximise the return.
Experienced investors know that spending money to maintain a property in good condition brings better results, including more conscientious tenants, above average rents and fewer vacancies.
Also, a well-maintained and cared for property attracts a better resale price.
When renting property, it pays to ensure your investment is looked after properly by appointing a licensed property manager.
At Noosa Property Management we ensure your investment property is well looked after. The result is that your property will require less long term maintenance than those handled privately.
Good property managers conduct regular inspections and advise owners of any repair or maintenance issues that require attention.
Having appointed a property manager you should also conduct a thorough inspection of the property, making notes of any work required and the condition of the property, then work with your manager to determine any repair work.
If your rental property is in top condition when leased, it is more likely that a tenant will keep it that way. It is important that owners set a high standard for the condition of their property at the start of the lease in order to maintain that standard from the tenants.
This is very relevant advice for investors who may have purchased older, possibly run-down properties.
For owners, it pays to spend money on fittings such as quality locks, security screens, a fresh coat of paint, air-conditioning, floor coverings, window treatments, tap fittings, contemporary tiling and repairs to cupboards.
Well presented properties do attract better quality appreciative tenants and a in the long run attract a higher rental return.