When investing in property, there is ever changing parts that you need to keep up to date with. There are multiple factors involved with an investment property journey, from getting a loan, and then finding quality tenants, it’s important that you have a clear understanding of the property market for any chance to have a healthy good return on your investment.
When looking into buying property for any investment purpose, it’s important that you speak with a professional to get you started on the right track, for more advice on how a property valuation will benefit you, we have the team for you.
When it comes to property, keeping your home up to date and relevant within the market is important for any homeowner the goal for their investment is to get a good return and adding value to your home one way in helping you get that positive investment journey. In other words, home maintenance is a key factor to get you started and we have a few tips to help you save money in the future with your home maintenance techniques.
Taking the time to do a routine checkup of your property to see what maintenance needs to be done, having these routine annual checks will save you big in the long run, by having these minor repairs completed before they get out of hand and ending up becoming more severe which in turn will more costly problems. You can choose to do the annual checks yourself or you can get a property manager to conduct the regular inspections is also a good investment and you won’t have to worry if something was missed or overlooked through your own inspection.
Below are a few house maintenances you should keep on top of to help stay financially stable.
Foundation Maintenance
Your house may be sitting on top of a bed of soil and in time this can compress and will start to cause problems on the building’s foundation. These can start with minor cracks in the wall or a bouncy floor, but the minor inconveniences can lead to major structural issues later on. Having a structural engineer inspecting any foundational issues will get you ahead and if any repairs need to be done that, they are done earlier on rather than leaving till it gets out of hand and passed the point of being repaired.
Methods of foundation maintenance
Every property is different but the most common foundation repairs include:
- Piering
- Slab jacking
HVAC Maintenance
Otherwise known as Heating, ventilation and air-conditioning, weather is temperamental from freezing winters and sweltering summers, this plays a big role and overtime with your HVAC system. Its important to schedule maintenance of your systems for clogged filters, broken ducts, and general wear and tear. These are only a few issues that may expect throughout the year.
Benefits of HVAC maintenance
- Cheaper utility bills
- Longer lifespan
- Hygiene
Roof Maintenance
The roof being the main element of the property protecting the home. And as time goes on, its going to be hit with its fair wear and tear of the natural elements. Without annual maintenance, you may be exposing yourself to water-damaged ceilings and mould build up. Which can bring in a steep repair bill if left unattended.
As a homeowner you understand that costs are inevitable, but you can still save if you stick to the regular maintenance required on your home.
Determining the costs of your roof maintenance:
Depending on your home these factors are taken in to determine the what the bill will come to:
- Size of roof
- Types of materials used for the repairs
- Type of repair (replacing tiles or mortar)
- Ease of roof access
- Any other factors that may affect the overall condition of the roof.
Plumbing Maintenance
We sometimes take for granted the ease of going to the bathroom, washing hands and taking a shower. But when issues appear like, water pressure is low, the water temperature isn’t hot enough, you’re going to wish you stuck to the yearly plumbing maintenance.
By completing these maintenances, you are protecting yourself and setting up for success in the finance department. An efficient system is a well-maintained plumbing system. And this can save you on major repairs down the line.
When it comes to the cost of plumbing maintenance there is no straightforward way to calculate these fees, you would need to factor in the type of job, where you live, and the skill level required from your plumber.
Pest Control Maintenance
As the saying goes when there an occasional creepy crawly, then there’s probably a whole family somewhere. Infestations can happen right under your nose so having a routine checkup for pest control is necessary.
From termites, you can say goodbye to the structural integrity of your home, to cockroaches and spiders that can spread diseases and painful bites. And finally, bed bugs and fleas, let’s just say you won’t be having the time of your life.
By opting for the yearly pest control clean out this will bring out any minor or major issues before it gets out of controls, because an all-out infestation will cost you more than what you would have budgeted for.
As an owner, your home is one of the biggest assets you will have, your home is your priority, and the bottom line is you need to keep on track to stay financially stable for the future. So, taking on these strategies to stay ahead of your property maintenance is important in the future at the end of the day as a homeowner you want to be adding value to your property and not losing out. Any structural changes or improvements made to a property that you wish to complete its best that you speak with a professional to see if you will have a positive or negative impact in the future.
And that’s where a property valuer can help, by seeking out a property valuation on your property depending on the purpose will give you a clear outline of the property, a comprehensive report will detail the true market value of the subject property, historical sales data on the local market and any other factors that may come into play in determining the value of the property, whether you are wanting to purchase pr sell a property a valuation report is an essential tool to have to keep you on track with your financial investment goals.
Author Bio
Stephanie Patterson is an industry expert with over 20 years’ experience, and is now a certified senior valuer at Vals TAS. She has shown passion and dedication throughout her career to become an expert property valuer. Stephanie has extensive knowledge on the property market which she gained through years of valuing commercial, industrial, and residential properties. Stephanie now uses her expertise in valuations to teach junior valuers and features as a guest lecturer across Tasmania.