As a landlord, you are responsible for keeping your rental property in good repair — ensuring that heating, water, and electrical systems work. Along with these basics, it’s also a good idea to ensure your property’s shell is watertight and does not allow heat to escape.
If you renovate the facade of your rental house, it can improve its roadside appeal, save you money and energy in the long run, and increase the value of your property. You can also decrease energy bills by making smart design choices and using energy-efficient materials. This will make your rental property more attractive and inviting for renters, making it easier to provide homes that tenants want.
As a landlord, you have always been responsible for keeping your rental property in good repair, ensuring that heating, water, and electrical systems work. Along with these basics, it’s also a good idea to ensure your property’s shell is watertight and does not allow heat to escape.
You may not think appearances matter, but know they really do. Regular property maintenance inside and out is the key to being a successful landlord, and on top of that, maintaining your rental property or portfolio will save you money in the long term.
Initially, you may be skeptical, but it’s a fact, and here are the reasons why you should maintain your portfolio, starting with your property’s facade.
Stay Within the Law
Landlord and Tenant regulations stipulate that tenants are entitled to a safe and comfortable home. Most US states refer to the rent exchange for a safe, livable home between a landlord and renter/tenant as the implied warranty of habitability.
It’s a landlord’s job to check the specific state legislation; generally, the law differs slightly from state to state. At this point, we must point out that most landlords dedicate themselves to keeping their tenants safe and happy.
However, some landlords don’t realize that the best way to achieve this is through regular inspections and maintenance that these visits highlight. Keeping your property in good order, maintained, insulated, and cared for will ensure you comply with the law and avoid costly legal repercussions further down the line.
No Void Periods
Landlords who actively manage their properties limit void periods. Properties presented in the best possible condition, tidy facades, and sufficient insulation are examples of attracting reliable tenants, and reliable tenants who love their homes will lease for longer.
Longer tenancies are the best possible way to avoid gaps. Filling vacancies and retaining tenants is the best way to ensure a decent cash flow that, in turn, enables sustainable repairs. Usually, a good apartment rental agency will help you find tenants who are looking for a longer-term living arrangement.
Tenants Respond Favourably
Tenants will find feeling at home in a well-cared-for property much easier. Ignoring repairs or maintenance can lead to a vicious downward spiral. Regular maintenance means you will only have to spend relatively small amounts on repairs and touch-ups rather than overhauling an entire house when it becomes too shabby to re-let.
Excellent properties in good locations are not easy to find, so if you have one and it’s well looked after, you will attract the best tenants and achieve the top rate of rent that the market will allow.
Location Isn’t the Be-All & End-All
While the location is a factor when tenants look for a property, in a survey written for Investopedia, renters will choose a well-presented property out of the area over a tired property in their preferred location. This is relevant information, considering that one in five millennials and GenZ will never own a home.
In the location versus condition battle, the fact location is not essential is the polar opposite of the advice given to those buying a home. When purchasing, Investopedia says it’s all about location. People who rent also care about location, but the decision to rent one house or another is often swayed by the condition of the property they are considering.
Get More Rent
Prospective tenants will pay extra for a well-maintained home compared to one showing neglect through lack of repair. Consider this: even acceptable amounts of wear and tear accumulate over time and can add to the overall disintegration of the property’s appearance.
First impressions count, so something as simple as a fresh lick of paint on your facade, clean sealant around the bath or shower unit, or a well-tended yard will suggest you are a serious landlord. This attitude will encourage people to pay a premium rent, but more importantly, good first impressions attract the best tenants possible.
Keep the Value of Your Portfolio
Keeping your property in tip-top condition reduces the costly repairs you’ll need, but regular maintenance and care will help your portfolio keep its value.
Investment in your portfolio is no different from investing in any other business’s upkeep. After all, you wouldn’t have a fleet of taxis and not change the engine oil, would you?
There’s no financial gain in delaying maintenance and repairs because it’s a problem that will eventually have to be resolved. The longer the issue remains ignored, the more the likelihood of costs escalating, which takes money away from your portfolio in the longer term.
If you keep your house in order, you — as the landlord — have clarity at the end of the term. This will help you avoid costly negotiations with your renters/tenants at the end of the period by being clear about your property’s condition at the beginning.