A Landlord’s Guide to Maintaining the Value of A Rental Property      

For those whose business is owning and then leasing properties out to others, making sure the value of their investment does not suffer during the process is crucial. Fortunately, there are some actions you can take to preserve the value of your property as a landlord. Read on to find out what they are.

Regular inspections

If you want to protect your investment as a landlord, you will need to arrange regular inspections. You may want to do these yourself or have a property management agency do them for you. During inspections, you should tour the property and check its overall condition, as well any pressing issues that need your attention.

Taking photos and videos is a fast and effective way of recording this information, so it can be cross-referenced later when tenants move out.

Regular maintenance 

Many landlords only send someone to their properties when there is something that needs to be repaired. However, if you want to preserve the value of your investment, you will need to be more proactive than that.

This means having a list of typical maintenance tasks and making sure these get done over the year. Just be sure to arrange a convenient time with your tenants for each visit, as it can impact their daily life.

Fast damage repairs 

When damage does occur in a rental property, it is in a landlord’s best interest to repair it as quickly as possible. Not only will it keep your tenants happy, it will also help preserve the value of the property.

An example of this in practice is if a washing machine leaks that caused a flood in the kitchen. The damage that could result from this includes making the electric unsafe, buckling and warping of the flooring in the surrounding area, structural damage to the floor, and mold and rot if the space is not dried out quickly enough.

In such a case, the safety of people living or visiting the home is always the top priority, so a qualified plumber should always be called to attend to the leak. Once the leak has been stemmed, the next priority should be getting rid of any excess water and drying out the area that has been flooded. To help with this you may wish to invest in products like dehumidifiers for sale which are designed to help dry out large areas quickly. Something that makes them ideal for anyone looking to minimize the impact of flooding and water damage.

Decorate in between tenants 

If you want your property to maintain its value, even after leasing it out, it makes sense to decorate between each set of new tenants. By doing this you will be able to check for any other issues that need attention, and you will help preserve the look of the interior, which can often become tiring in rental properties, or at the very least keep the work you need to do if you do decide to sell to a minimum.