Are you moving into your new condo unit? Or are you excited to put it into the market for rental? Either way, it is important to plan for the maintenance of your condo unit to ensure that you can make the most of your investment.
It is only natural to protect your investment so you have to plan how you should maintain the unit. The better able you can maintain it, the longer you will be able to generate income from it (as you can entice possible tenants).
Importance of Maintaining a Condo Unit
The need to properly maintain your condo unit is important not just for its face value. While a well-maintained unit can attract potential renters, you can also enjoy other benefits for your investment.
One of the primary reasons why you should think about regular maintenance on your condo unit has something to do with your insurance premium.
If your condo is well-maintained and all the systems are efficiently working, you can lower your insurance premium because there is less risk involved with your unit from damage or other hazards.
This excellent resource will explain in detail how maintaining your condo unit can have a direct impact on the cost of acquiring insurance. Keeping your unit safe to live in and in its best condition can benefit you in the long run.
It is, therefore, something that you should not overlook when you make that investment. You do not have to spend a lot of money to maintain your condo unit. You simply have to be smart about where you put your money!
How to Maintain Your Condo
The following are essential tips and reminders that you must keep in mind if you want to maintain your condo in its best state:
Come up with a maintenance schedule.
Experts agree that regular maintenance checks should be performed on your condo unit. This is true even when there are no visible signs of damage. It is an important step so you can detect (and fix) damage before it becomes more serious.
Trained and expert professionals can identify signs of damage that most people cannot. With their help, you can address specific areas in your condo that require fixing before they develop into more serious damage.
You need to establish a routine for this. But most experts agree that doing maintenance checks once every six months would be sufficient.
Clean your condo unit regularly.
Regular cleaning of your condo unit might seem like an obvious step for maintenance. But surprisingly, a lot of condo owners do not follow a regular cleaning schedule and simply do so when they have time.
However, if you want to keep your condo in tip-top shape, you need to make time for cleaning. Ideally, you need to do an extensive cleaning once or twice a month, depending on your location.
Clean as you go.
To minimize the need for a deep cleaning schedule, you need to clean your space as you use it. Make sure you arrange the grocery to their appropriate places when you come home.
Or wash the dishes after every meal. This will help to reduce the clutter in your home and also get rid of minor dirt problems that could accumulate over time.
Focus on areas that aren’t visible to the naked eye.
Your drainage or plumbing systems are one of the most expensive repairs that you could encounter in your condo unit. It is a smart thing to keep a close eye on them and have an expert check on them once in a while.
This will ensure that there are no major problems with these systems in case you need to use them. If you can fix the problem before it gets worse, you can eliminate the hassle in your condo unit and also save on the cost of repair.
Check the locks and alarm systems.
The security and safety of the occupants in a condo unit should be given top priority. The security in a condo building is one of the primary reasons why investors choose this type of property.
If you want to attract more tenants to your unit, you should always keep them secure with an efficient alarm and lock system. There are different types of locks available to use and you can find one that would suit your needs.
This is how you can ensure that your tenants can have peace of mind. Also, you can also lower the vacancy rate of your unit.
Perform seasonal checks and maintenance.
It is a must to conduct repairs and checks on various systems in your home depending on the season to come. For example, when summer months are coming, make sure that the air conditioning system is in good shape.
The last thing that you would want to happen is for your air conditioning unit to not work in the middle of the summer. Or, perhaps you can get your heater checked by a professional with winter months on the horizon. Your goal is to keep your condo unit a comfortable and livable space for you, or your tenants.
Hire an expert to check your electrical wiring.
Faulty electrical wiring is one of the most common causes of house fires. You would want to prevent this from happening to your condo unit so make sure that you hire an expert to check your wiring at home.
It is an important preventive step, especially if you have an older unit. You want to make sure that your electrical system is free from damage and that it won’t cause any unwanted fires.
While real estate investment is foolproof, it is also one of those investments that will require your care and attention to detail. You need to keep the condo maintenance checklist in mind at all times to ensure that your investment will enable you to generate income for the years to come. While undergoing these maintenance tasks might cost you money, waiting until major repairs are required would be more costly.
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