Maintenance and Preventative Care for Residential Property
It is very important to invest in the regular maintenance of your residential property. The first impression renters have of the property usually seals the deal for them and if you are in a hurry to cover a mortgage or hope to quickly start the process of earning income from your investment, you may want to make sure the residence is well-maintained and attractive. Tenants choose to rent for a variety of reasons in the Toronto area, but commonly they expect to have a nice space that is bright and clean without much property maintenance included. Not many renters eagerly look forward to trimming hedges and mowing grass. Regular maintenance to both the exterior and interior of the home will entice these types of less hands-on renters as it generally signifies that the landlord cares for the property and will be attentive should they have issues. Showing that you care for the property will also motivate most renters to do the same if they expect to receive the security deposit at the end of the lease.
Should the upkeep be more than you have time for, you might consider bringing in a property manager to take the reins and clean up the property. Property managers are a great way to save your own time and effort when it comes to maintenance and preservation because they have the connections to keep up with regular appointments and address repairs as they arise. Most experienced property managers have a stable of vendors to choose from for various types of maintenance and they typically get a better price based on the service contracts that they sign.
Property preservation is what keeps your residential property value high and you simply cannot expect to keep tenants or re-sell the real estate a good price if the foundation is crumbling or the roof is leaking. Property managers can stay on top of this regular maintenance with detailed scheduling that includes lawn maintenance, exterior winterizing, roof and shingle repair, and plumbing diagnostics to name a few. Good managers will take care of your property and pinpoint trouble spots before they become major headaches for you – or worse – your tenant.
Having just one residential property will not monopolize all of your time, but busy folks with families and homes of their own may not have the time to fix leaky faucets or get those dead limbs away from a tenant’s roof at even one extra location. For the reasons stated above and many more, it is a good idea to hire a property manager to handle all of your maintenance and preservation requirements at your rental. Odds are pretty good the 8-10% of the monthly rent they charge for their services is much easier to come by than extra labour in the evenings and weekends for you throughout the year. Whichever way you choose, preventative maintenance and proper care for your residential property will keep it in good condition and make it a valuable asset for years to come, so when the market turns and you are ready to sell, there might be a hefty profit at the end for all your savvy business decisions.