Being the owner of an investment property is a great way to make money. You can simply sit back and let your personal investment grow. Owning an investment property comes with great responsibility. According to the Residential Tenants Act, which includes responsibilities of the landlords, you must provide proper housing to the tenants that meet at least the minimum standards. But why is it so essential. Let’s understand it.
Avoids Extra Cost
You need to ensure that you fix any kind of maintenance problem on your property as early as possible. Ignoring the problems, in the long run, can lead to additional expenses and unnecessary hassles for you when you plan to sell your rental property. Having regular maintenance helps you detect any potentially serious problems early on. It gives the opportunity to repair them in time to avoid unexpected expenses later. A strict maintenance schedule by you and your tenant can keep your property on the back foot in terms of expenses.
Attracts the Right Tenant
If you are planning to rent out your property, maintenance is crucial. Try to put yourself in the tenant’s shoes and think about your expectations from a property that you want to rent. Wouldn’t you want your property to be well-maintained and clean? A poorly maintained rental property cannot attract tenants through the rental listings. Even if you find a tenant, you might be at risk of finding someone undesired. But a clean and well-maintained property increases the chances of getting a good tenant.
Increases the Value of the Property
Your investment property can be your income during your retirement period. When your investment property is in poor condition, the value of the property decreases and that might affect your retirement too. You cannot even keep high rent or increase the existing rent to generate some revenue for poor property. You may lose out on potential profits and may end up selling the property. On the other hand, when you keep your property in good condition, you can easily demand a higher monthly rent and increase your return on investment.
Creates Awareness of the Property
Your tenants should be responsible to keep the place up to the standard. When you follow a maintenance routine, you are updated with various issues or events happening on your property. You may notice the areas that need repair and know if the tenant has taken care of the property or not. If the tenant is failing to do so, you can talk to them or even look for another tenant.
Maintenance is a serious issue, and it cannot be overlooked. If you are experiencing issues maintaining your property, seek help from a professional management service in Calgary, to ensure that your rental home is kept in excellent shape and your tenants happy.