5 landlord benefits of proactive Mount Isa property maintenance
Property repairs and maintenance expenses are a fact of life for both landlords and owner-occupiers in Mount Isa. But they are arguably more important for landlords. It’s crucial for landlords to be proactive rather than reactive with property repairs and maintenance.
1. It helps you to maximise your return on investment (ROI)
Proactive repair and maintenance work helps to ensure:
- You can charge the maximum market rent for your Mt Isa property.
- Your property has fewer vacancy periods.
- The value of your investment property is maximised if (or when) you want to sell.
2. It helps you attract high-quality tenants
Maximising your ROI means attracting high-quality tenants who will always pay their rent on time and treat your property as if it were their own. Not all tenants are high-quality tenants. However, our Jays Real Estate property management team can help you to source and screen your tenants to find the best available for your Mount Isa rental property.
3. It helps you retain high-quality tenants
Maximising your ROI also means keeping your high-quality tenants once you have them. A simple way to do this is by being proactive with property repairs and maintenance. This will help to keep your tenants happy so that they will renew their lease when it ends.
It also avoids both the cost of sourcing new tenants and the risk that your replacement tenants won’t be as high-quality.
4. It saves you money in the long run
Any minor repairs and maintenance issues that you may have now will probably only get worse and cost you more to fix in the long run. Think of any repairs and maintenance costs now as long-term cost savings.
Tradie costs are also unlikely to go down because there is a shortage of them and they have plenty of work.
5. Repairs and maintenance costs are immediately tax-deductible
This is a big and important difference between investment property repairs and maintenance costs and property improvement costs. Repairs and maintenance costs (like painting, fixing wear and tear such as replacing guttering or fencing) can be fully claimed as tax deductions in the financial year they are incurred.
Capital improvement costs on the other hand (like renovating by adding a room or patio) must be deducted at just 2.5% per year over 40 years.
It’s important to understand the difference between these two costs. Repairs and maintenance work either restores the property to its original condition or helps to prevent its deterioration over time. Capital improvement work involves making substantial or structural improvements to the property.
How to ensure a proactive approach to rental property repairs and maintenance
There are some simple steps you can take as a landlord to ensure a proactive approach to your Mount Isa rental property repairs and maintenance:
- Schedule regular property inspections: Conduct routine checks to identify any potential issues as early as possible.
- Schedule regular routine maintenance: Set reminders for seasonal tasks like air conditioner servicing or gutter cleaning.
- Communication with your tenants: Encourage your tenants to report repair or maintenance needs promptly and keep them informed of upcoming inspections or work to be done.
Better yet, a great Mount Isa property manager like one of our professional team at Jays Real Estate can do all these things for you.
About us
Jays Real Estate has been Mount Isa’s premier residential and commercial real estate agency since 1981.
If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.