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.
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