When you purchase an investment property you expect the value of the property to grow over time. While this is true in the long term, it is important to note that you can actually optimize your growth by implementing a maintenance plan. The same as you would do with your car.
A well maintained property will more likely attract quality tenants, reducing tenancy turnovers as well as reducing large costly repairs.
Don’t let your investment property depreciate due to a lack of maintenance and upkeep. Plan to paint, re-carpet & replace curtains to name a few.
Take the time to implement an annual maintenance budget. Determine the approximate value to replace these items and budget to upgrade them every 3-6 years depending on the wear and tear during the tenancy.
START SAVING TODAY! Put away an extra $50 per week to cover you for planned maintenance/upgrades or the unexpected repairs such as replacing hot water systems, repairing showers or replacing fences etc. ■