When it comes to investing in a property like a condo, you must be aware that there is a lot of work to be done. Aside from the cost of its purchase, you need to do preventive maintenance to ensure that the unit remains in tip-top condition. Maintenance is indeed a huge part of your property management tasks and one that should be high on your priority list. Whether you decide to rent out the unit or flip it, your investment can pay off in the long run.
Below are some of the tips that you should keep in mind when keeping your condo in good shape.
Perform Preventive Maintenance
Taking a preventive approach is the best way to manage your property and prevent any major problems. After all, it is more cost-efficient to fix issues as they appear instead of waiting for them to become major concerns. By this point, the cost of repair would already be too expensive and cause a dent on your profits.
The best way to do preventive maintenance is to keep a calendar. You have to schedule the work of checking your condo on a periodic basis, such as twice a month or once a quarter. It depends on how old or new the property is. The older the condo unit is, the more preventive maintenance should be done.
You can set a schedule to align with inspection days. This will ensure that any issues on your unit have been addressed by the time the inspection is performed. From sprinklers to electrical wiring–even the smallest oversight could lead to fines and penalties. You want to avoid that extra cost, so make sure you have done maintenance prior to the inspection of your property.
Perform Regular Cleaning
It might seem obvious, but cleaning your condominium unit can be something that is easily overlooked. This does not just refer to cleaning the unit itself, but also to looking after the components that you do not often see. When was the last time that you have cleaned your HVAC system, for example? Or your appliances like your oven, washing machine, or dryer?
Sticking to a regular cleaning schedule for these fixtures is one way that you can keep them functional for longer. It is also an important step to ensure that there is no dust, dirt, or mildew that builds up in your condominium unit over time. Not only do you prevent the damage of these appliances or home systems when you regularly clean them, but you can also avoid potential fire hazards.
Perform Pest Control
Pests like rats and cockroaches can impact the quality of life for those who live in your condo. Aside from that, they can also be a health hazard. Make sure you bring in pest control specialists to address this issue once they arise. Get a team at the soonest sign that these pests exist in your property. Do not wait until the problem is widespread before you do something about it, or else it will be more costly to address.
These pests can be a structural hazard. They can cause extensive damage to your walls, interiors, and electrical infrastructure. So, when you hear any pest complaints, make sure they are addressed in a prompt manner.
Conduct Testing of Various Systems
Just because you cannot see any signs of damage, it does not mean that there are no issues within your condo. It is recommended that you perform regular tests on your systems such as smoke alarms, fire extinguishers, and sprinklers. This is to ensure that they are functioning properly and in good condition when you need them.
It is important that safety equipment or systems (such as those mentioned above) are tested on a regular basis. The extra investment is well worth it because you can ensure the safety of the tenants. At the same time, it will help secure your property in the event of a fire or other damaging catastrophes.
Apply Sealants on a Regular Basis
The use of sealant is one of the most overlooked aspects of preventive maintenance on properties. Experts recommend that you re-apply sealants once every five years. You can use a sealant on the exterior paint or signs of window caulking on your condo. You should never let these components go unnoticed because it can lead to more internal damage in the long run.
If you use a sealant on the exterior paint or the windows, it will help you save on energy bills (and repair) in the future!
Set Aside a Maintenance Budget
When you invest in a property like a condominium unit, you must be prepared to shoulder the cost of its maintenance. This is an important investment if you want your tenants to be happy. And if you can keep your tenants happy, you can reduce the vacancy rate of your property. In the long run, if you decide to re-sell your condo, it will also enable you to set an ideal price for your property. If your condominium unit is well-maintained, you can leverage that when pricing your condo.
After all, potential buyers will be willing to pay a higher price for a well-maintained unit. Most buyers want to avoid the hassle of repairs. Most would also prefer a unit that is ready for moving in. By keeping your condominium unit in good shape with regular maintenance, you can leverage that advantage when selling your property.
It is also a good idea to conduct regular inspections. This will ensure that you can provide a certificate to your tenants and potential buyers about the quality and condition of the condo.
If you are into investment properties and you would want to invest in a condo, see this. Use the information above to help you with maintaining your investment and protecting it for the future.
*This is a collaborative post*