Four tips on property maintenance and renovation that can enhance your property’s rentability and save you money in the long run
1. Install air-conditioning
The rental market is currently strong with many properties being let within a week of coming into the market. Properties with air-conditioning are proving very popular.
Property owners whose properties don’t have air-conditioning should consider the installation of air-conditioning to enhance the rentability of the property and ultimately rental income.
2. Property Maintenance : Shower Tray Replacement
The replacement of shower trays is a proving to be a frequent maintenance issue of late. Generally when there is a leak and damp carpet in a room adjoining the bathroom the shower tray needs to be replaced. Recent shower tray replacements are reflective of the age of the buildings.
In Strata blocks replacing a shower tray is generally a Strata cost.
3. Property Inspections
Property managers should perform annual inspections and provide a detailed report. The report should contain colour photos and comments about maintenance requiring immediate attention and longer term action.
Property owners can attend inspections and may find this useful in assessing maintenance requirements first hand, as well as potential renovations that create value.
4. Condition of Common Areas in Strata Blocks
A point of concern is the condition of the common area in Strata blocks. Major cracking of concrete paths and drive ways and to a lesser extent poor condition of carpets in stair wells are particular issues due to being trip hazards.
If such maintenance issues are known and not addressed it may mean that the Owners Corporation’s insurance policy will not pay out on public liability claims if someone is injured after tripping on one of these hazards. It’s important for these maintenance issues to be addressed by the Owners Corporation, which should help minimise long term costs for the Owners Corporation. In addition fixing these hazards will also improve the appearance of the property making it more appealing to prospective tenants or purchasers.
For more information and expert advice on property investment, management and renting, contact K.G. Hurst today.
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