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Maintenance is an on-going necessity in rental properties, but it can be hard to know how much money you should put aside in the budget each year.
Depending on the current condition and the age of the property, as a general rule putting aside 5-10% of the total annual rental income for maintenance should be enough to deal with year by year wear and tear, as well as possibly providing you with money leftover at years-end to invest into the property to improve its rental value and prevent future maintenance issues.
Factors such as the cladding type have an important bearing, for instance a brick property with a tile roof requires less maintenance than a property with a corrugated iron roof.
It’s always important to remember that when a property is improved its rent generally increases – not immediately but at the next opportunity when the rent can be increased, which is usually when re-tenanted. Improvements that lead to rent increases are anything that make the property look better or be more functional for the tenant.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
Quinovic Johnsonville | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Hutt Valley | Wellington
Call Helen Vance - 027 487 8103
Quinovic Kent Terrace | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Wellington Property Management