Planning to hold your investment property for many years to come?
We love to hear it.
When investors buy a rental property with the intention to hold it over time, we know that they’re going to make some great money. The rent will continue to rise, and the property value will also keep pace. Meanwhile, you have tenants paying down your mortgage over all those years.
What’s not to love?
The greatest challenge, of course, is keeping that property in excellent condition. To continue earning money from it, you have to keep it well-maintained and continuously updated. The appliances that were in the property when you bought it likely won’t be there in 10 or 20 years.
If you’re wondering how to maintain your property over time, we have three specific recommendations:
- Preventative maintenance
- Good vendors
- Consistent updates
Here’s how to do it.
Prioritize Preventative Maintenance
Deferred repairs and unreported maintenance are terrible for every rental property.
They’re especially bad when you know you’re going to hold your property for 10 years or more.
Preventative maintenance keeps your costs down. More importantly, it ensures that you’re protecting the condition and the value of this investment. Leaving a leaky faucet to fix itself is a bad idea.
Make sure you’re making consistent service checks of all the systems and functions in your property. Have an HVAC contractor come out to service the air conditioning and the heat every year. Have your roof inspected and your gutters cleaned annually. Keep up with pest control and landscaping. Pay attention when the appliances start to deteriorate. It’s often better for your property and your tenants to replace them rather than repair them over and over again.
Put Together a Network of Vendors
Do you have good relationships in place with plumbers, electricians, cleaners, landscapers, and HVAC technicians? Do you know who you’ll call when drywall needs to be replaced or floors need to be torn up?
Vendors are an important part of maintaining your investment property over time.
Put together a list of professional vendors who know you, know your property, and understand the urgency of your repair needs your property will likely need. Look for professionals who are licensed and insured, and willing to offer competitive rates in exchange for your loyalty as a customer.
Make Updates and Upgrades
Renovating a property is expensive. You shouldn’t feel like you need to do a complete rehab every few years, but if you’re planning to hold your investment property for a long time, you’ll need to make some improvements from time to time. Keeping your home modern, attractive, and competitive on a constantly evolving rental market is critical.
Focus on the upgrades that will pay for themselves. When you upgrade the paint and put in hard surface floors instead of carpet, you’re giving tenants what they want. Invest in energy efficient appliances. These improvements will keep your property from looking old as it ages.
If you’d like us to take a look at your investment home and make some specific recommendations, we’d be happy to. Please contact us Real Estate Gladiators. We serve Monroe, Issaquah, Bellevue, Everett, Lake Stevens, Kirkland, and other cities in and around King and Snohomish counties in Washington State.
