Property owners do feel having a property is the end to it, forgetting that maintaining both the physical and economic life of the property preserves it value for optimum returns.
Before renting a rental unit to a tenant, you must make the unit fit to live in, or habitable. Moreover, while the unit is being rented, it’s a must you repair problems that make the rental unit unfit to live in, or inhabitable. Although there is no “one size fits all” approach for maintaining a residential rental property, it would be beneficial if you have:
- A quick and effective process in place through which your tenant can notify you about any issues concerning the property.
- A routine preventative maintenance inspection of your property.
- The opportunity to be a part of an organization which will provide you timely updates regarding any applicable laws affecting rental properties.
- An onsite manager or local property management company (for owners who live far) who can take care of the problem before it gets worse.
All these would help the property be in GOOD SHAPE. Failure to maintain your property makes you to spend more funds to extend it useful life.
Written By: Oluwaseun Adegoroye