Maintaining Your Investment as Landlord

You’ve just bought a new investment property and visited to double check that your credit is fine. You have a solid ten year plan, you’ve thoroughly inspected every square inch, and you are ready and eager to accept tenants. But before you take out an ad in the local paper, there are a few things you should consider. The following points may mean the difference between a well maintained investment and financial dead weight in the future.

The “Dos”:

  • Do interact with your tenants

Some landlords feel that once tenants have moved in, no further interaction with them is required. However, regular interaction with your tenants and attention to their concerns will show them that you want to take care of them and they in turn will take care of your property.

  • managing-maintaining-rental-property2Do invest in property maintenance

If you fail to address necessary maintenance on your property, it will come back to haunt you in the future. When it comes time to sell, you’ll be dealing with an un-renovated property which is going to burn a hole in your wallet.

The “Don’ts”:

  • Don’t rely on condition reports

Condition reports can be misleading or downright dishonest. Nothing beats seeing the property with your own eyes. You’ll be able to spot issues and necessary repairs that may have been omitted from the report.

  • Don’t delay necessary repairs

That thing that is merely a minor problem today could become a huge issue further down the road. Every property will require regular upkeep. It’s far better financially to address repairs early on.

For more tips, check out:

Being a Landlord: Is it Worth It?

5 Things You Should Know Before Becoming a Landlord

8 Issues with Buying Property and Becoming a Landlord