10 Lessons - Part 10 - Maintenance
Hi, and welcome to the final installment in our 10 part article series on the 10 things I have learnt about property development, while navigating construction and property investing in South Africa.
In this article I want to talk about looking after your investment once it is built. It's an unfortunate thing that maintenance is usually the last thing on a landlord's mind, but the significance of not taking care of your asset and the costs that can come from not doing regular maintenance, make it a point worth noting and acting on.
A property that has been invested in, should be maintained in order to uphold its value. There is nothing worse than driving past a property where the fence is unpainted, or half of the sign has fallen down, looking as if there is no care at all what the building looks like. Small things make a big impact, and when it comes time to rent or sell the property, it is those things that will make or break the asking price. Additionally, people don't want to live or work in a dilapidated building, so maintaining your property increases your likelihood of securing and keeping good quality tenants who will look after your property in the same way that you do.
Maintenance is a bugbear to many landlords .However, it is prudent to remember that just as doing the regular services, and replacing worn parts is required on a car per the maintenance manual, so it is with a property. Globes have a certain lifespan, gutters get full of debris, fascia boards become loose, the walls need a fresh coat of paint. These are the items that help to build the equity on the property, and by taking proper care of the building and its fixtures over time, that you spend less money in the long run when it comes to not having to do any larger repairs.
It will help to keep track of the maintenance needs for all of the properties with the help of a maintenance plan. This can be as simple as creating a list of items that need to be checked around each individual property, and an indication of how often these things should be done in a year. Then plotting them out in the calendar. For example, things like cleaning the gutters would be done once a year, or more often if there are many trees close to the building and outside lights should be visually checked every month. Create a system that takes care of itself, because then things are done in time and not because of necessity, which costs less money.
Just like you would hire a property management company to oversee the proper letting of your property, it is a good idea to have a team of handymen that you can call on should any minor repair works be required, and to assist with maintaining your property to the desired standard. This team would include a plumber, electrician and general handyman. Things will break at the worst and most inconvenient time, so having a team that you can call on for fast assistance is a real benefit.
There you have it, the final installment of the 10 lessons I have learnt about developing property through being a project manager.
I hope that you have gained some insight from these articles that will help you to make more informed decisions on your next building project.
Be sure and keep an eye out for our upcoming articles with new and interesting topics on developing your property. As always leave a comment on our social media pages with any questions or topics you would most like to hear about next.
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