How preventative maintenance SAVES you money in the long run!

As an investor you want to save as much expenditure as possible right? However, if you never spend money on maintenance, you might find yourself looking at larger outlays in the long run.

It is in any owners nature to save, save, save however what if you are too tight when it comes to maintenance. What are the risks and how can it actually deteriorate not only the condition of the property, but also the saleability?

Homes that pose bad condition or “too much work” are not only going to attract undesirable tenants but also reduce the pool of buyers that would be interested in purchasing the property.

It is so common these days that people, not only as investors, but also self-lived owners, let things deteriorate. What is meant by this is we sometimes learn to live with minor maintenance issues for example the deteriorated window screens or hairline cracks in the walls or even that kitchen cupboard door hinge that has come loose. It is easy to overlook these minor repairs however, when looking at renting or selling a home after there are all these small maintenance items, automatically from the tenant’s perspective there is a precedent that the owner will not spend the money on maintenance. From a buyer’s perspective the list grows so large they prefer to pay extra money for a home that is walk in ready.

When attracting a tenant, we all want the best tenant – someone that is clean, tidy, pays rent on time. But how can we expect to achieve this if the property does not appeal to that desirable, immaculate tenant? At the same time if we are expecting top dollar for your property at sale do not give the buyer 20 items they need to consider repairing prior to moving in.

Sometimes as a property owner it is hard to see these items as issues as they have been like that for some time. In this case go and visit some home opens and compare not only presentation but also standards of all items.

Now let’s explore a few examples of when regular upkeep is neglected. Gutter cleaning is or should be a regular maintenance item. If the damage caused by lack of cleaning is far worse and costs so much more than the regular upkeep. With the gutters full the water when it rains pushes back on to the eaves and can often flow back into the rood and leak into internal rooms. Causing water stains and water damage.

Pushed in power points or loose switches – this is not only a compliance issue but a safety one too. The home will need to have these items addressed for sale so why not have the electrician repair now and check other switches in the home.

Badly chipped walls is a major job for a lot of buyers out there – not only that the type of wall colour and damaged walls can make a buyer or tenant look at the walls rather than the actual room. A rule of thumb when it comes to painting is that it should be completed every 5 years.

It is in the best interest of the owner (landlord / seller) to consider ongoing maintenance – not only is it preventative it also allows for the best opportunity for re-sale. Imagine you walked into a property you were interested in and found that you needed to address all of the above prior to moving in. You might just walk away and purchase the home down the road even if it is asking more. As for tenants, if you want to find the perfect tenant then your home needs to be presented well otherwise you will be sure to attract the undesirables.