Ensuring that you have enough budget set aside to respond promptly to any property maintenance requests is essential. This helps ensure that you retain your tenant and that small issues do not escalate into unmanageable damage.
Six Tips for Maintenance Budgets
Here are a few suggestions to choose from:
- Speak to a professional about incorporating property maintenance into your budget.
- Put away a yearly fund equivalent to the cost and installation of a hot water cylinder.
- Set aside 1% of the value of the property for any potential maintenance.
- Ask a certified building inspector to report on what maintenance is required for the short, medium, and long term.
- Ask your property maintenance suppliers to buy in bulk. For example, if you need a new filter for your home ventilation system, buy a pack instead of one. Also, remember to keep receipts, spare parts, and instruction manuals for new appliances and spare parts somewhere safe.
- Ask tradespeople to address anything that needs fixing at once instead of paying multiple call-out fees.
Failure to comply with property maintenance can result in rental property owners encountering large fines. Working with a trusted property manager can alleviate both the risk and hassle.
Looking for advice? Ask Quinovic.
If you have any questions about property maintenance, get in touch with your local Quinovic office. We’re a nationwide team of property management experts and have managed over 100,000 tenancies since 1988. No matter how big or small your question is, we’ll be happy to help. Ask Quinovic today.
