It takes money to make money. This is a phrase we have all heard before. Property investment operates on the same business principals.
Let’s be honest, no one wants to buy a rust bucket, unless you are an enthusiast, or if the price justifies the purchase.
If you purchase a property in a state of disrepair, then you have done so with the intention to repair the property and at a price which reflects the state of disrepair.
Property maintenance is a good investment practice as it enhances the attractiveness of the property, and increases interest when the property goes on sale. We do, after all, sell with the intent to maximise profit.
When you buy-to-let, it is advisable to include maintenance costs into your rent value. This is of course not the responsibility of the tenant. As an industry norm, rent increases by up to 10% p/a and part of this annual increase should be allocated to maintenance. The deposit paid by tenants is as security and to cover any damage done by tenants to the property during the rental period. The deposit covers interior paint, broken windows and broken cupboard doors, thus any damage tenants caused intentionally or by accident.
As a landlord you should maintain the exterior, broken gutters, leaking roofs, electrical repairs, faulty pool pumps or automated gates. The Rental Agreement act can be viewed on the following link – www.info.gov.za/view/DownloadFileAction?id=70618.
Aesthetic and cosmetic appearances assist greatly in the sale of a property, also what the property has to offer too. If the tenants were not the outdoor type and neglected the garden (long grass, weeds or a green swimming pool) then get all this back in proper shape. Summer is the best time to sell, flowers are in bloom and lawns are lush green. It also is holiday and festive season and increases are negotiated.
Myroof can assist you in selling your property, COMMISSION FREE without any hassles and little effort. Our website has all the help you need with further tips and advise.
List your property with us NOW on www.myroof.co.za/sell. It's free and easy.