The housing market in Texas is sky-rocketing. House value has increased by 18% in less than two years. That means there has never been a better time to buy an investment property.
However, looking after properties can be very time-consuming and hard work. If maintenance isn't done regularly, you could lose out on valuable rental or sales opportunities.
If you are serious about keeping your investment property in top shape, then keep reading! This property manager's guide offers pointers on caring for your real estate investment.
Exteriors Are an Important First Impression
It is easy to focus on interiors when it comes to real estate, but exteriors are just as important. The first thing that prospective tenants or buyers will see is the outside of the house. It may even affect their decision to book a viewing!
Maintaining the paintwork and roof is important in the hot climate of Texas. The abundant sunshine can bleach or dry out the paint. Try using fade or UV resistant paint as this tends to last longer in direct sunshine.
Conducting checks on the roof will help to keep your property watertight from leaks. Securing loose tiles or shingles removes any falling hazards, especially during hurricane season.
Taking care of other outdoor areas keeps your property looking attractive and safe for tenants. Gardens need watering and pruning at least once per season. Don't forget lawn maintenance as well!
If the property has a pool, keeping it clean is vital to water balance and preventing dirt build-up. Also, check the tiling and pool steps and/or ladders to ensure safe use.
Don't Forget Floors, Windows, and Doors
Floors, windows, and doors are the bread and butter of every house. Yet they are often neglected. They can have a huge impact on the design of a house and can affect temperature regulation, cost-efficiency, and functionality.
Floors need regular maintenance to keep them in good condition. Cleaning spills prevents any warping or staining, particularly with hardwood floors. Consider getting hard floors waxed and/or polished for long-lasting protection. If you have carpets, then consider getting these shampooed by a professional at least once a year.
Windows open a space up with the light they provide. Getting them cleaned every three months keeps your investment property looking its best. Check the window sealings to prevent any unwanted drafts or moisture.
Doors get used a lot, and not all tenants are careful, so they can get loose or squeaky over time. Look at the handles to check they aren't loose, and lubricate door hinges at least once every six months.
Manage Repairs Fast
It is easy to leave repair projects when they don't seem to need immediate attention. But a leaky tap could lead to thousands of dollars in water damage if not handled fast.
Many investors do not have the time or ability to visit their investment properties. Contacting a local property management team is a great way to meet your maintenance needs. They will offer prompt repair services through their network of licensed contractors.
Protect Your Investment Property
Owning an investment property can be a fun and exciting project as well as an opportunity to earn an income. Keeping it well maintained is key to getting a great return on that investment in the long term.
Maintaining your real estate investment doesn't have to be stressful, though. Consider hiring a property management company to support you. The HomeRiver Group are expert in property management, with 35,000 units nationwide. Their team can help with everything from speedy repairs to eviction assistance.
Contact them today for your free rental analysis. It's property management that makes sense!