With the ownership of a condo, you can build your investment while you provide tenants with a quality residence at a great location, whether it is a vacation rental on the beach or a long-term rental in an urban area. However, maintenance of the condo and property are essential parts of your investment ownership and you need to have a good plan for it to be successful. The following provides you with recommendations to keep your condo maintained with the proper services.
Complete Unit Inspections
When you own a condo unit or more than one, it is essential that you know their condition and any problems that occur. And if you never check the inside of your units, either with an arranged inspection or on your own time, you will not be made aware of potential problems and damage. Don't rely on your cleaning staff or guests to always report issues and problems, as they can get overlooked, especially if they don't know you are unaware of them.
Plan a regular inspection schedule based on the frequency of your unit rentals, so you can keep an eye on them. For example, if you rent your condos on a short-term basis, such as vacation rentals, you will want to inspect them once a month as a more frequent schedule than if your condos are rented on a long-term basis. Plan to complete your unit inspection with the help of a pest control service and as part of their professional pest treatments.
Arrange a Regular Maintenance Schedule
Another important detail with your condo ownership is to take care of maintenance to the unit on a regular basis. You can't always assume that the condo's systems and components are always working well and don't need maintenance or repairs to prevent damage that can occur from neglect, which will lead to higher costs for repair and replacement expenses.
Make sure you have access to a condo 24-hour maintenance service, either for your condo ownership or through the entire building's maintenance service. On-site maintenance that provides care around the clock will ensure that your guests will be happy and also protect your investment in the long term. Plan to have your plumbing and sewer lines checked and cleaned whenever needed. Then, tune-up the HVAC in the spring for air conditioning and in the fall for the furnace system. Doing so will prevent your air conditioning from breaking down in the middle of July or the furnace blowing cold air in January.