As a property investor, you know that your investment property is a valuable asset. To ensure maximum return on investment, it is crucial to maintain and upgrade your property regularly.
The professional Property Management team at McGrath Real Estate understands the importance and benefits of maintaining and upgrading an investment property and how it can help you achieve your financial goals.
Our team of experts have years of experience managing and organising maintenance for investment properties, and we have seen firsthand the positive impact it can have on your rental income and property value. Here are some of their insights:
1. Significant rent increases are easier to achieve.
One of the primary benefits of maintaining and upgrading your investment property is that it becomes easier to achieve larger rent increases. Keeping your property well-maintained and up-to-date demonstrates to your tenants that you care about their living conditions. This can lead to less pushback from existing tenants and more appeal to new tenants, who are willing to pay higher rent for a better quality of life.
2. Tenants are more likely to look after your property.
Another advantage of ensuring your investment property stays in tip-top condition is that tenants are more likely to look after the property if they can see that the landlord also cares about it. This is because tenants are more likely to respect and take care of a well-maintained property in good condition. Investing in regular maintenance and upgrades encourages your tenants to treat your property respectfully, which can help reduce the risk of damage and the need for costly repairs.
3. Increase the overall value of the home for renting and sale.
Investing in upgrades such as new appliances, flooring, and paint can make your property more modern and appealing to potential tenants and buyers. This can help you to achieve a higher rental income and a higher sale price when it comes time to sell.
4. Identifying issues before they become a bigger problem saves money on repairs.
Regular maintenance and upgrades can help you spot potential issues before they become bigger problems, ultimately saving you money on repairs in the long run. Fixing the smaller problems early prevents them from developing into something more significant and more expensive down the track. This approach helps you to steer clear of unexpected repair expenses and keep your property in excellent condition.
5. Better looking property = better rent.
By improving the overall appearance of your property, you can make it more appealing to potential tenants, which can help you to achieve higher rent and reduce vacancies. Ensuring the property looks as good on the outside as it does on the inside with a well-maintained garden, painting, and any repair work on the house exterior will go a long way to improving the home's value.
6. Less chance of further, more damaging and costly deterioration.
Investing in regular maintenance and upgrades to identify and address small issues before they become larger problems reduces the risk of further, more damaging, costly deterioration. By staying on top of maintenance and repairs inside and outside the house, you can help keep your property in top condition for years to come.
7. Less unexpected larger repair costs.
As a property investor, the last thing you want is to be hit with a massive unexpected repair bill for something that could have been easily avoided with regular maintenance and upgrades. If known issues are dealt with quickly, there is less chance of it turning into a disaster. Taking the ‘wait and see’ approach rather than doing something about it when you have the chance can cost you hundreds, even thousands of dollars.
8. Easier to achieve a higher rent.
Showing you care about your investment property can make it easier to achieve top rent. By keeping your property in top condition, you can demonstrate to potential tenants that you care about their living conditions. This can make your property more attractive and desirable and help you to achieve higher rent and reduce vacancies.
The professional Property Management team at McGrath Real Estate are committed to helping property investors achieve their financial goals. We are big believers in maintaining and upgrading your investment property to achieve maximum return on investment. With a little bit of property TLC, you can increase your rental income, increase the value of your property, and reduce repair costs.
If you’re looking to get more out of your rental property and you’d like to work with a property manager who understands the benefits of keeping your property in tip-top condition, phone our office on 8350 4200, or drop into 42 Brighton Road, Glenelg.