Owning an investment property is serious business. There’s a lot of responsibility that goes with it and that includes repairs and maintenance.
Upkeep says a lot in terms of how long an asset shall remain functional, how sturdy it stays through the years and how financially valuable it becomes. With that said, the following tips would surely come in handy. Take a look.
Prior to a purchase, have ongoing costs estimated. – When looking around for a property investment, it is important to have a chartered surveyor gauge and estimate the ongoing costs needed in it. This shall give you an idea as to how much the upkeep will require of you. Some assets may seem affordable at the upfront but have staggering repair and maintenance costs so in the long run they become very expensive and burdensome.
Always check the condition of your roof. – It’s a huge project on its own plus it can be very pricey so you won’t want to end up having to replace it sometime soon. This is why a regular inspection should be done at least monthly to address immediate repairs and avoid the problem from getting worse. The winter months could be particularly harsh.
Pay attention to your pipes. – Plumbing is important because it keeps the water where it should be. Busted pipes can make you end up with an indoor pool of sorts. That’s not only a huge mess to clean but it also poses risks to your furniture. Address any leaks immediately.
Keep moisture at bay. – Rain, plumbing leaks and any other type of moisture and humidity spell trouble as they can cause cracks to your walls, rotting of wooden floors and other dilemmas. How do you do this? Clean out your gutters to ensure that rain water or snow does not accumulate in. Seal your bathroom caulk to prevent moisture from entering your walls. Check the caulking on your windows and doors as well.
Invest in warranties. – When buying equipment and furniture, invest in the purchase warranties. Repair costs can be expensive in the long run but with such a prepaid spending, it gives you more leeway and less financial headaches in case something goes bust.
Build relationships with your professionals. – Chances are you are going to hire the same people to work on your investment property’s repairs and maintenance. This makes it a good idea to build a relationship with such parties and companies. This way, you get first dibs on discounts and you also get to have people who know your property best.