Owning an investment property is a great way to make money without putting in a huge amount of effort. However, this doesn’t mean you can simply sit back and let your investment grow without any assistance. One important aspect many people forget about when purchasing an investment property is the maintenance of the property.
Owners of investment properties are required to keep the home or apartment fit for a tenant to live in so it is maintained for renters. This means the premises and inclusions must be in a good state of repair. There are a range of benefits to maintaining your property, including making the property desirable to prospective tenants, being able to choose a significant rental fee and being able to sell the property for a large sum once the investment has matured.
While a tenant is living in the property, there are a number of obligations they must abide by as well. Under section 188 of the RTRA Act 2008, it says the tenant must keep the premises and inclusions clean, having regard to their condition at the start of the tenancy and must also not maliciously damage, or allow someone else to maliciously damage, the premises or inclusions.
In order to make sure the property is maintained both while being rented and while on the market, most real estate agents request regular checks and for the current tenant to advise of any routine maintenance (meaning anything that isn’t an emergency) in writing to their agency. It is also wise, if the property is not currently being leased, to keep up annual maintenance like pest control, professional carpet cleaning, repainting and any other annual “spring cleaning” activities.
If you think you may need a little help to make sure your investment property results in a good return on investment, consider working with a property manager. If you are looking for a property manager in Brisbane area, look no further than Templeton Property. You can visit them online or call (07) 3368 1988 for more information.