Maintenance is an inevitable expense associated with owning an investment property – but it’s a cost that many first-time landlords overlook. Even brand new properties will require routine inspections and maintenance at some point, whether that’s for smoke alarms, kitchen appliances, plumbing and water heating, window coverings, or pools.
Consistently maintaining your investment property has many advantages outside of prevention of damage or deterioration. A well maintained property provides some tax benefits, as certain expenses relating to repairs .
In fact, not paying enough attention to property maintenance can turn minor issues into major repairs – that may cost you more in the long run. A well maintained property is important for keeping your tenants happy and reducing turnover, meaning you won’t have to look for tenants as regularly and risk losing rental income in the process. Keeping your property in good condition isn’t just a responsibility that will help maintain its long-term value, making it easier to sell or move into in the future.