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Just because there has been record home value growth in Stillwater, NY does not mean your rental home is guaranteed to increase in value. Home values have experienced a record investment property value increase of $2 trillion in 2023. You need to properly maintain your property for it to stay competitive in the market.
A well-organized real estate investment property maintenance plan is critical. These tips will help you create a maintenance plan that will protect the value of your rental property investment.
Develop a Maintenance Schedule
Create a real estate maintenance schedule that includes tasks to be done at certain times of the year.
- Quarterly
- Seasonally
- Annually
Add tasks that are specific to your property. Heating systems should be serviced before the cold winter months, and if the property has an air conditioning system, it should be serviced before the hot summer months.
Have the landscaping regularly done to maintain the home's curb appeal. Also, have the electrical and plumbing checked.
Use a Tenant Maintenance Request Portal
Have a maintenance request form as part of your online tenant portal. This will give tenants an easily accessible place to submit their requests. The easier it is, the more likely they are to let you know about maintenance needs.
You can use your portal account to manage tenant requests, ensuring none are forgotten. You can also update tenants on the status of each request. This way, you give your tenants confidence you will address submitted requests.
Conduct Regular Property Inspections
Tenants might not always report all maintenance and repair needs. Routine inspections can give you a first-hand look at your property's status. You must follow state law when performing inspections.
During your inspections, examine the property's condition inside and out. Note anything that needs repair or upkeep. Then, make the necessary arrangements to have the work done.
Plan for the Future
A long-term investment plan can help boost property value. Planned remodels and upgrades should be part of your planned property investment costs. When making your long-term budget, account for inflation costs.
The median cost of home renovations in 2023 was $24,000, a 60% increase from 2020. To keep your home desirable, plan to update the home's bathrooms and kitchen. Plan for these upgrades to cost more, and set that money aside today.
Keep Detailed Records
Keeping detailed records of your work on the home is a must for protecting its value. You can review your records to determine when you bought an appliance or had it serviced. Your records can help you create a schedule for future maintenance needs.
Real Estate Investment Property Maintenance
Proper real estate investment property maintenance is essential to ensure long-term profitability. You can stay on top of necessary repairs and upkeep by creating a comprehensive maintenance schedule, utilizing an online tenant request portal, and performing routine inspections. Regular maintenance and future planning are essential for enhancing curb appeal and increasing your property's value over time.
Veno Properties is dedicated to delivering excellence, integrity, and exceptional service in every aspect of property management. Serving the Stillwater, NY, community, we pride ourselves on providing hassle-free, professional, and reliable services that meet the highest standards.
Choose Veno Properties for professional property management that combines excellence and hassle-free service.
