Tips to Maintain Condo Property Value
While the state of the market is significant, it’s not the only factor that dictates the value of property. Through tending properties and being smart with money, owners can enjoy the greater yields long term.
The big question that’s left is what kind of strategies can be used to maintain or increase condo property value? Consider applying the following tips to condo properties.
1. Have Great Tenants
This goes without saying; however this is more important in condos than regular apartments. When you have mature and respectful tenants, owners will be notified quickly if something needs to be repaired or maintained.
When requests are never made in the first place, this only hurts the property as damages can pile up and higher costs will be used to fix problems.\
Beyond that, tenants who are responsible will not make attempts to damage the property. Wear and tear will be inevitable, but any serious repairs will be avoided.
Ensuring great tenants is also tricky to do, however proper screening methods with possible tenants is a great way to start.
2. Regular Maintenance & Upkeep
Maintenance and upkeep go a long way to ensure the value of the property is maintained. Delegating these tasks to vetted contractors can ensure reliability that when problems occur, there are reliable people in place to do what needs to be done.
Another way to ensure owners have great tenants is through solid marketing strategies. Being able to advertise the rented property in the proper way helps to ensure owners can qualify potential tenants and have them move in without issue. Everything from photography to the description of the unit is key.
4. Connecting With the Condo Board
Not every owner lives in their own condo, but it is still important to stay connected and involved with the Board. Every meeting, there are new proposals and adjustments being made and being able to vote is significant.
All of this is important as even the slightest changes can affect the condo property value.
5. Listening To Tenants
Whether that’s through relation services or listening to tenants at the condo board meetings, having responsive support that addresses the needs of renters is significant. This simple strategy is what will ensure tenants stay in their leases year after year.
The act of replacing tenants can be costly, so being able to keep the great tenants for as long as possible is best.
6. Smart Core Purchases
Notably appliances. While cheap appliances can save money at the start, they will cost owners long term through replacements or constant repairs. Remove the hassle by getting high-quality appliances from the start.
7. Charge The Right Rent
Before selling the condo, it’s important to figure out pricing. Charging too much rent can discourage great tenants from leasing the property.
In terms of pricing, we suggest charging rent to cover expenses, taxes, and some maintenance costs. This method works as it ensures the property doesn’t become a party house due to low value, but also avoids gouging potential tenants.
8. Run Inspections When Possible
There are strict guidelines for when inspections are possible. Take advantage of inspections as these are opportunities to note and fix anything that might have been overlooked.
Just be sure to jot down anything significant that a tenant points out or that is noted by the inspection process.
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