Maintaining your Investment Property

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Becoming a property manager is one thing, but maintaining the property is something all together different. Doing proper maintenance can keep the value of your property up where it belongs, or you can even improve the value. Maintenance can also help you attract the right tenants and keep them.

If you have a multiple tenant unit then you’ll be responsible for all of the lawn care and snow removal. If you have a smaller unit with only one or to tenants, you can make the contract go either way and assume the maintenance yourself or let your tenant handle it.

There are cleaning issues to consider, especially common areas which will be your responsibility. Cleaning units after tenants leave is generally the tenant’s responsibility, but you may want to spell out the charge for not cleaning in the lease, just so you’re justified in keeping part of the security deposit to recoup your losses.

Other repairs around the unit are your responsibility unless they are caused by the tenants or their guests. This is another aspect you’ll want to include in the lease so there is never any question about responsibility.

Make regular visits to the property and check for routine wear and tear. Also make sure you keep on top of any areas that fall under local ordinances or laws, such as fire detectors. As with most things, repairing things early often saves you money in the long run, it will also make your tenants happier.

This entry was posted on Wednesday, February 27th, 2008 at 4:49 am and is filed under Money & Finances. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.