Owning property brings many benefits but it also comes with responsibilities, and that includes property maintenance.
It’s easy to overlook or postpone any minor repairs, but this can come back to haunt you in the long-term. Scheduling regular maintenance ensures you stay proactive, rather than reactive at a time when it’s too late.
There are many reasons to schedule regular maintenance, and there’s plenty you have to gain. However, you have even more to lose if you’re not careful.
What you have to gain
A regular maintenance program will deliver top quality across the board. Your property will look fantastic, function well, stay clean for longer and give your tenants a sense of comfort, security and safety. You’ll also attract better quality tenants who are dependable and willing to pay for the great property conditions.
You also gain an improved quality of life – staying on top of your repairs eliminates any unnecessary stress you would experience when dealing with a catastrophic repair.
Addressing any problems in your property early on will save you huge funds.
Scheduling regular maintenance gives you complete control over your property – you can plan, budget and keep your property in use to maintain cashflow. Establishing a budget will also help you to build an emergency fund, which can then go towards major renovations and property upgrades.
So, why deal with the financial stress of forking out thousands of dollars at once for a huge repair, when you can instead consistently manage your property for a much smaller (and manageable) price. Complex repairs will also require increased labour hours and equipment costs, and even a potential loss of rent if your property becomes unusable by your tenant.
Regular maintenance may seem tedious, but you’ll save many working hours in the long-term. Again, you would much rather be able to ‘budget’ your time and integrate maintenance sessions into your schedule, than be faced with a huge problem that drains on your resources and time.
When it comes to property, people will certainly judge a book by its cover. A high-quality, safe and clean property will increase tenant happiness and reflect on your professionalism, values and worth ethic. On the other hand, if you’re only known for your run-down properties and frequent mishaps, tenants and potential buyers will steer clear.
What you have to lose
A neglected property will inevitably decrease in value and reduce your potential capital gains. This can particularly hurt you when it’s time to sell, as a well-maintained property will attract a wealth of potential buyers and give you the opportunity to increase the sale price.
While you may decide to ignore the problems, there’s no hiding them from prospective buyers, valuers and building inspectors, who will know exactly what to look out for. Consequentially, a poor building inspection report will have serious repercussions on the value and amount of offers you’re given from buyers (if you receive any).
Let’s face it – no one wants to stay in a building that’s poorly maintained. So, being reactive with your property maintenance puts you at risk of rent reduction demands, or losing your tenants altogether.
Either way, the outcome is disastrous to your finances, which largely depend on upholding occupancy. You’re already dealing with big expenditure to cover the repairs, so the last thing you want is to cut off the cash flow for prolonged periods of time and further spiral.
Even if your tenants live through the poor conditions, the repair period itself could still be detrimental. Major repairs can be a lengthy process and extremely disruptive to your tenants’ day-to-day duties – factors which could eventually drive your tenants away.
If your tenants do decide to call it quits, it’ll be even harder for you to attract a decent pool of tenants. You may find the few that do express interest could be also be unreliable.
An overlooked building can have life-threatening hazards and safety risks, making your property more accident prone and a liability. This is a huge responsibility for you to have, and a stress that can be easily avoided with regular maintenance.
A lack of frequent cleaning services will also cause the accumulation of dust, rubbish, bacteria and more, which poses serious health risks for your tenants. These build-ups are equally hazardous to the environment.
Schedule regular maintenance with I do maintenance
Staying proactive with your maintenance will enable you to increase your long-term ROI.
I do maintenance specialises in preventative and frequent property maintenance services.