As an investor, it’s important not to underestimate the pivotal role that property maintenance plays in keeping your investment costs down and protecting your long-term wealth. As well as ensuring your tenants remain happy, looking after your property and preventing any issues before they arise could be key to avoiding costly damage that could take a serious bite out of your bottom line.
Whilst property maintenance is important all year round, properties always require that extra bit of attention during the winter months. During winter, the harsher weather will often highlight issues that weren’t previously visible in the warmer seasons, with minor damage at risk of becoming a serious problem with the rain and storms that winter brings. To prevent these small issues turning into costly repairs, here are some of the winter maintenance checks you should be organising to protect your investment property.
Inspect for wear and tear
During winter, problems that may have gone unnoticed during the warmer seasons such as minor leaks in gutters and rooves are easier to identify, meaning it’s a great time for investors to check their property for any issues that may need addressing. Problems such as water leaks can cause a substantial amount of damage in a short time-frame if left unrepaired, leading to costly issues such as mould, water stains and damaged walls. To prevent these problems arising, you should organise a professional maintenance check to identify any small leaks in gutters or lose roof tiles that could result in water damage. Whilst these checks may set you back around $180, this is relatively minor compared to the hundreds of dollars you may otherwise need to splash out to repair deteriorating eaves and water-damaged ceilings.
Clean your gutters
Gutters will often accumulate a lot of leaf and debris over the warmer months. Whilst not always a major issue in summer, this build-up of debris can become a bigger problem as the weather gets damper. To prevent blocked gutters causing water damage to your investment property, we recommend investors get gutters professionally cleaned to ensure rainwater is properly diverted during the wet weather.
Whilst they can be a drawcard for tenants in summer, properties with pools are often less appealing to tenants in winter. To get around this, our property managers usually recommend that investors include pool maintenance in their lease to reduce any potential hassle-factor to tenants. Although pools won’t be getting much use during winter, it’s important to keep them in good condition to ensure they stay clean and damage-free throughout the colder months. This is especially the case if you’re looking to re-lease their property in winter, as issues such as debris and algae can be off-putting for prospective tenants. Whilst it may cost to have the pool professionally cleaned, this is a relatively low cost investment compared to the huge outlays you could be spending further down the line should the pool incur damage from lack of maintenance, and that extra bit of care could see you making more from rental yields.
Check heating systems
During winter, tenants will often make use of heating systems and appliances that have gone unused over the summer months. This change in temperature and increased usage will often require additional maintenance from investors. As the cold weather sets in, you will need to check key appliances such as heating and hot water systems to ensure they are working efficiently and adjusted to the correct setting. It’s also a great time to organise an annual service for your air conditioning system, as issues with split air conditioning often only become apparent when tenants start using them for heating. With the wetter weather also presenting ideal conditions for the build-up of unsightly issues such as mould, it’s also a good time to check that exhaust fans are in working order to ensure the property remains well ventilated, paying particular attention to damper areas such as the laundry and bathroom.
Professional asset management
As an investor, it’s important to remember that your investment strategy doesn’t just stop at the acquisition of a property. In order to make the most out of your investment property in the long-term, you also need to commit to ongoing maintenance to ensure your property remains appealing to tenants and avoid unexpected costs. As experienced property managers, our property management team at Momentum Wealth aren’t just committed to taking care of the day-to-day maintenance of your investment property, we are committed to maximising your long-term results. Whether it’s helping you avoid costly repairs or identifying opportunities to add value to your rental property, our property management team are dedicated to protecting your long-term wealth and keeping your investment costs at a minimum through smart asset management.
If you would like to find out more about our asset management services, get in touch with Momentum Wealth’s property management team via our online contact form.