Gone are the days where you could rent out a run-down and unmaintained property by reducing the rent or targeting vulnerable tenants who would accept such conditions.
Property investing has become serious business! Yes, there are great long-term profits to be made as the market values appreciate (often doubling or tripling their value over time). However, every investment needs to be nurtured and looked after.
As an investor you should be scheduling the following at the necessary times (which could be every year or every 5-6 years).
- Trimming of large trees
- Clearing of gutters
- Pest control checks
- Building checks
- Smoke alarm checks
- Pool safety checks
- Safety switch and electrical checks
- Glass compliance checks for older properties
- Risk management checks
- Blind cord safety
- Outside lighting safety (adequate lighting)
- Steps and balcony safety
- Flooring safety, etc.
Risk can be a complex issue that every investor wants to avoid. By being proactive you can be sure your property is protected.
* PPM Newsletter