There are a number of excellent reasons to hold your investment property and rent it out over the long term. From increasing equity to providing steady cash flow month after month, owning a rental property long term has its advantages.
But, how do you maintain it year after year and even decade after decade?
Ongoing maintenance adds value to your property and ensures you’re able to continue renting it out to qualified residents.
If you’re wondering how to maintain your property over time, we have three specific recommendations, based on our experience managing rental properties in Roseville and the surrounding areas:
- Invest in preventative maintenance
- Work with excellent vendors
- Make consistent updates and improvements
You’ll find that by implementing these practices, you’ll maintain your investment property over time and continue growing its value.
Investing in Preventative Maintenance
By investing in preventative maintenance, you’ll save yourself from costly repairs down the road. You will also ensure that your properties remain in top condition, even as the years go by. This will ultimately help to attract and retain residents.
When you prioritize preventative maintenance, you’re avoiding deferred repairs, which are always going to be more expensive and time-consuming. You’re maintaining your property for your current residents and all future residents who end up living in your rental home. It’s a better rental experience when properties are maintained proactively. It means you can continue renting out the home next year and the year after and in 10 years.
With regular inspections, cleaning, and immediate attention to repair issues, you’ll prevent small problems from turning into major headaches.
Here are some of the ways to maintain your property preventatively over the long term:
- Schedule seasonal service checks of all the systems and functions in your property.
- Have an HVAC contractor come out to service the air conditioning and the heat every year.
- Have your roof inspected and your gutters cleaned annually.
- Keep up with pest control and landscaping.
- Pay attention when the appliances start to deteriorate. It’s often better for your property and your residents to replace them rather than repair them over and over again.
Investing in preventative maintenance for rental homes is a smart choice that can pay off in the long run.
Focus on a Preferred Vendor Network
Your investment property is better cared for when the same vendors provide service year after year. They get to know your property and anticipate its needs.
When you’re thinking about maintaining your property over the long term, you will require good relationships with plumbers, electricians, cleaners, landscapers, and HVAC technicians. You’ll need a reliable list of professional partners to call when drywall needs to be replaced or floors need to be torn up.
Vendors are an important part of maintaining your investment property over time.
Make Updates and Upgrades
Renovating a property is required from time to time if you’re planning to hold your investment property for many years. You’ll need to make some improvements that keep it modern, attractive, and functional. The rental market will evolve over the years, and you need to keep up.
Focus on the upgrades that will pay for themselves. When you update the paint and install hard surface floors instead of carpet, you’re giving residents what they want. Invest in energy efficient appliances. These improvements will keep your property from looking old as it ages.
These are a few ways to protect and maintain your investment property over time. We have additional tips that we’d be happy to share with you. Please contact us at Sunburst Properties for all your Roseville property management needs.