When purchasing investment property, the new owner has to consider the necessary maintenance that is required to meet legal guidelines. A properly maintained piece of property brings a number of benefits to the owner, including the attraction of more long term renters. It also can bring in more return on the investment by keeping serious problems at bay. Proper maintenance also entails hiring the necessary professionals to handle the repairs when needed. This ensures that the landlord meets his or her responsibilities and can get a return on the initial investment.
Your Responsibilities –
Proper maintenance in accordance with legal requirements is one major issue that must be considered and dealt with by the owner after the purchase of an investment property. If you have a unit or an apartment, the law requires that you keep it in a condition that is livable for your tenants. In essence, the property must remain in the same general condition it was in when the tenant first moved in. This means that appliances must be in good working order and safe to use. They should be regularly inspected and repaired or replaced as necessary. Plumbing is another aspect of investment property that needs to be kept up. Allowing damage and leaks to go for a long period of time can actually cost you more in the long run than fixing them when the problem is first found.
Smoke alarms, fire extinguishers and sprinkler systems are some major concerns relating to the safety of the property and its inhabitants. These must be maintained according to law and should be inspected regularly by a professional. Smoke detectors should be tested on an annual basis and have the battery replaced.
Also, there are times when a tenant may contact the landlord was an emergency repair. By law, the owner needs to be able to handle these repairs. In most cases, it is a benefit to hire trained professionals who can handle this kind of work. Mortgage brokers can help you to understand the legal requirements associated with your purchase.
The Benefits –
By properly maintaining your investment property, you will attract more renters. You will all attract people who want to rent from you for a longer period of time which translates into a steady return on your investment. An investment property that is well-maintained gets a good reputation and will continually get new renters from other people’s recommendations. In addition, regular maintenance actually saves you more money in the long run a small problems are repaired before they turn into larger and more expensive ones. This is why considering your maintenance costs when applying for home loans can help you lay out the return that you want to get from your investment.