The days are getting warmer, the pohutakawas are blooming and the song of the tuis have reminded us that summer is here.
If you’re a property investor, now’s a great time to think about any maintenance jobs that have been recommended by your property manager in their inspection reports.
For example, you could consider painting the outside of the property, replacing old fencing, any partial or full re-roofing or resealing a worn driveway.
Summer is a great time to get those smaller jobs done too - like cleaning out gutters or waterblasting.
Changes to the Residential Tenancies Act means ceiling and underfloor insulation will be compulsory in all rental homes from 1 July 2019, where it is reasonably practicable to install. The deadline will come around quickly, so this summer could be a smart time to get the job done.
All rental properties require maintenance – and the amount of maintenance will vary year-to-year. As an investor, it’s important to budget for these costs and be prompt with repairs. Regular upkeep of your property will ensure you attract the best possible market rate for your rental.
Your property manager will have access to good, reasonably priced tradespeople and can obtain at least two quotes for you to consider.
If you choose to make major improvements to an investment property, like adding a new carport or a garage, then you can work with your property manager to increase your rent accordingly.
Rent should be reviewed regularly, regardless of whether major renovations have been undertaken.
Remember to touch base with your property manager in the new year for advice on whether the current rent rate is still fair and reasonable, or whether it might be time for an increase.