Moving into your own property is always exciting. But this excitement can quickly fade away once you realize there is more work to do.
This is especially true for those who are buying a condo unit as an investment. You want to make sure that the property is well-maintained in order to attract tenants. Whether you want to save on the cost of repair in the future, or you want to reduce the vacancy rate on your condo, there is a lot of maintenance work to be done.
You need to adapt these real estate tips if you want to keep your unit in tip-top shape.
Get your condo inspected regularly
Maintenance is the key to keeping your condo property value up.
Home or condo unit inspections are an integral part of your maintenance procedures. If you thought that only house and lot properties should be inspected, think again. Even if you regularly clean your condominium unit, there will be plenty of areas you are going to miss. A home or property inspector is someone who is trained to see those things that you often overlook.
Another advantage of hiring an inspector is that you will be able to meet and abide by local and state codes. If there are any problems, you can have them fixed immediately. Without the help of an inspector, you could be facing hefty fines for any issues in your unit. To ensure that the condo is regularly checked, create an inspection calendar. That way, you will know when it is time to have your condo inspected again.
Use the preventive mindset
One of the common mistakes that property investors make is to overlook the minor problems in their unit. This can be a costly thing to do because while those issues may be minor at present, they can develop into a major repair job in the future. So, it is important to address these issues while they are still small. It could be a problem in your plumbing or flooring. No matter how minor the problem might seem, it is important to regularly check and repair them. The cost of preventive maintenance is extremely cheaper than the long-term damage ignoring an issue could cause.
Establish a cleaning routine
Come up with a cleaning and maintenance routine for your condo unit. This will give you the opportunity to not only clean the place but also identify any potential issues. You can use this seasonal guide to aid you with conducting preventive maintenance on your property.
Cleaning checklist for your condo:
Spring is the best time to do your maintenance work. This season signals a fresh start and you can use this opportunity to get some work done on your condo. You can check on the air conditioning unit to make sure that it is in good condition for the summer ahead. For those who use wall units, you can install them at springtime. And for those with central air conditioning systems, you can hire an expert to clean the unit.
Aside from the air conditioning units, spring is the best time to clean the gutters and exterior drainage. It is not uncommon for unwanted grime to accumulate in these areas, especially after the winter season. Make sure you get rid of any debris that might have collected on there and cause trouble later on.
For summer, there are a few maintenance works that can be done. One of them is to inspect the grout in your kitchen and bathroom. When there is grout, there is mold. And when mold accumulates, it can be a threat to not only the structure of the unit but also the safety of its occupants. It is also a good time to clean your tiles to keep them looking like they are brand new.
When fall comes, you can check the chimney and outdoor deck or balcony (if you have one in your condo). Fall is the best time to check your chimney for any issues because you want it to be working in the winter. The worst thing that can happen is for winter to come and your chimney breaks down. You want to be able to keep the inside of your condo warm throughout the season. As for the deck or balcony, you can have them re-sealed in the fall. That way, they will be resilient enough for the cold weather ahead and prevent any major damage to the surface and structure.
During winter, it is best to check for any icicles. These icicles might make winter look pretty, but they can be extremely damaging to the roof. This issue is more common in standalone houses wherein you have to check your roof for structural damage. But if you have any outdoor space in your condo (such as a balcony), it is also recommended that you clean them regularly. This will ensure that the outdoor space in your condo will be usable and in good condition once winter has passed.
Get Insured
When you buy a condo unit for investment purposes, the goal is to make money off of that property. A lot of condo owners forego buying insurance, especially if they are not going to have the property rented. But in reality, refusing to get insurance could mean more damage to your finances down the road. In fact, insurance is such a necessity that most lenders would not approve the purchase of the unit if you do not obtain one first. This is how you can protect your investments and assets.
Final Tips and Reminders
Maintaining and cleaning a condo unit is costly, there is no doubt about that. But the same is true with any form of property. Any investment you make towards enhancing and maintaining the property can pay off with huge dividends in the long run. So, any condo you get from Precondo should be protected and taken care of.
In reality, the cost you incur now will be considerably smaller than when you have to deal with major repairs if there are issues left untreated. The old adage “prevention is better than cure” is true for a reason.
Disclaimer: this is a collaborative post