Why maintenance is important?
The importance of maintenance and upkeep when investing in property: why ignoring routine maintenance can negatively affect the success of an investment
The importance of maintenance when investing in property
When planning a buy to let investment it is important that all costs, fees and expenditures are calculated before purchase; if the pluses outweigh the minuses then the odds are favourable. But in order to make sure that a buy to let investment has long term sustainability, it is vital that the ongoing costs are considered. And one of the most important of those will always be maintenance and upkeep.
It’s all about the secondary income
A buy to let investment is about guaranteeing returns. You can pick the perfect property in the ideal location, but if you are prevented from renting it out, there is no income. Consider a dripping tap as the perfect example of a minor maintenance issue that, if left unattended could have severe financial consequences. A dribbling irritant that might – over time – become a flood. And if your property suffers water damage it might take more than a mop and bucket to clean things up. You could be looking at extensive costs that, in a worst case scenario, could involve plumbers, plasterers, joiners, electricians and decorators. And a potentially long and drawn out claim on your insurance that is unlikely to cover the rental lost during the refurbishment.
Delegate to the experts
Successful property investment, particularly successful overseas property investment, therefore depends on the support network created by the investor. If maintenance and upkeep are appropriately prioritised, then finding the right team of professionals is the trick to ensuring that the property remains optimised, in terms of tenancy, at all times. A number of property investment companies, including Pierre & Vacances, offer such management services to ensure that the property is routinely maintained and cleaned. Not every investor has the time or inclination for hands-on management, so finding a trustworthy service provider is key.
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