Investment property maintenance tips to maximise your income
By Amanda Scali

While buying an investment property is a huge financial decision, maintaining your investment is an essential part of being a landlord.

So that your investment retains its value, regular maintenance is crucial. Staying on top of the little things will not only keep your tenants happy, but it also means there’s less to do once they move on and the property is vacant between tenancies.

A good property manager knows not just to collect rent and ensure the property is up to scratch. They will evaluate the property during regular inspections and provide suggestions during the management period to maintain its value and capital growth. In fact, the property will deteriorate in condition and value if this doesn’t happen!

Of course, it’s crucial that you don’t wait until a problem presents itself. Get on the front foot and be prepared, so that maintenance tasks are undertaken to prevent problems before they occur and minimise property damage.

That said, you should always be financially ready for maintenance costs. These will depend on the property’s age and condition and if your property is tenanted. And while it might seem excessive initially, regular property maintenance can actually save you money over time.

Let’s look at some things that you should be talking to your property manager about to be part of your maintenance schedule to head off any issues and preserve your investment property’s value.

 
Let’s take it outside
Looking at the property from the outside will allow you to see if there is anything that needs immediate attention.

Broken or cracked roof tiles — they look unsightly and can cause all sorts of internal damage that can cost thousands of dollars to fix. The same applies to roof sheets that are not fixed properly and have lifted.
Exterior painting — chipped and flaking paint is not only ugly, it allows the weather to attack the wood resulting in swelling and rotting. Using quality paint will keep the outside protected for years to come.
Mossy driveways and paved areas — no one wants an accident to happen just because you couldn’t be bothered to keep the driveway or patio clean. A pressure spray once a year will ensure these areas remain slip free.
Gutter cleaning — have the gutters cleaned annually (or more frequently if there are many surrounding trees). If not, clogged gutters and downpipes can flow back into the eaves causing unsightly staining and mould.
Low-maintenance yards — Unless they’re avid green thumbs, most tenants don’t have the time to tend a garden. A low-maintenance garden with native and/or water-wise plants and minimal lawn is the best option. However, don’t make the outdoors too sparse. Adding plants to liven up outdoor spaces will make the property more appealing.
Walls and fences — upkeep of fences with regular painting or cleaning (especially graffiti) gives the impression of a well-loved property. Make sure any retaining walls are doing their job effectively and not leaning over.
 

Get the inside story.
Once inside, keep the appeal with a few basic maintenance tasks.

Doors and windows — can they all be opened without jamming or catching on anything?
Walls and woodwork — although it’s the tenant’s responsibility to keep the walls clean, wear and tear, over time, and bleaching from sunlight can cause the walls to look tired. Consider a freshening up with re-paint every seven years or so.
Floors — Carpets should be professionally cleaned between tenancies. However, they will start to look grubby, even after a professional clean. Budget for replacement every ten years. If you have floorboards, give them a professional polish between tenancies.
Air conditioning — something most tenants deem essential these days. If you haven’t done it yet, consider installing split system air conditioners in the living room and bedroom(s) or if you can stretch the pennies, invest in ducted reverse-cycle air conditioning. And if there is already an air conditioner on the property, be sure to arrange regular servicing.
Dishwasher — a convenient necessity rather than a luxury nowadays. Install one if you haven’t already because your tenants will love you, and it will command a higher rent when it comes to filling a vacant tenancy.
Wet areas — keep the wet areas of the house fresh with a re-grouting approximately every five to seven years. Cracked tiles or missing grout will leach into walls, and you’ll end up with moisture damage that can also affect flooring in other parts of the house. Silicon seals in the wet areas will also need to be replaced when you re-grout.
Incidentals — your property manager will take care of all those niggling little things like blown lights, fuses, broken windows, blocked drains and the like without you having to worry.


Remember that outlaying costs for improvements will only improve your asset. Speak with your accountant or financial advisor for advice on the taxation benefits. Did you know that improvements and new appliances can be added to your depreciation schedule?

Talk to the professional property management team at McGrath Real Estate Group. They can help you plan a regular maintenance schedule to keep your property value high.

Phone our office on 8350 4200, or drop into 42 Brighton Road, Glenelg.