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Maintain the value of your Property Investment
By arlene | August 30, 2008
Buying a property is an investment. In order to maintain the value of your investment, you need to look after your property, maintaining its condition and thus keeping it the well looked after home that you bought.
The most important elements of home maintenance are regular repairs and continual general maintenance. These will prevent safety hazards and large unexpected costs, help you maintain the value of the property and make your own living space more comfortable.
It is advisable to inspect your house and property at least once every six months. Doing everything at once, however, can become a time consuming and tiring exercise. Rather develop a system where you check a small area each month. Attend to repairs immediately, such as fixing broken taps or cracked walls.
Checklist for home inspection
Exterior
* Ceilings
*Doors
*Windows
*Floors
*Stairs
*Plumbing
Electrical
Bathroom(s)
Interior
*Foundation
*Stone or brickwork
*Paint
*Windows
*Roof
*Chimney
*Gutters/Downspouts
Garage
Drainage
Steps/Railing
Though more expensive, it would be best to contract a professional for doing repairs, especially where electrical systems or plumbing is concerned. Doing small easy repairs yourself will cost less. Books and friends could instruct and assist you in doing this.
Regular maintenance includes cleaning the roof and gutters, painting walls if needed and checking foundations for cracks. You should also ensure that structures are in good condition and that they hold no safety hazard. Checking these and improving them continually will keep maintenance costs down.
It is also important to keep the garden neat and tidy. This does not only mean the regular mowing of the lawn, planting new trees and shrubs and getting rid of unwanted weeds. Ensure that large roots and branches do not damage the walls and foundations of your home. Clearance should be at least 30 cm.
Budgeting for maintenance is extremely important. Experts recommend that you save money to the value of about 3% of the value of your property. If you do not use all the money in a particular month, put it in a savings account (or pay it into your “access type” home loan) to use when large unexpected costs occur. This way you can attend to problems as soon as possible, thus protecting your quality of life and your investment.
Taking care of your unit in a sectional-title complex
In a complex like this, you are a co-owner and shareholder. / levy is worked out according to the size of your unit an( determines your participation quota. Outside areas such a: the swimming pool, gardens, security and rubbish area are c joint responsibility. Take an active interest and report any defects or problems. You should also attend annual general meetings.
Keep your garden tidy and in a good condition as it is visible to everyone living in the complex. The inside of your unit is your own responsibility, but it can have an effect on neighbours. Be particularly concerned about problems like insect infestations and leaking pipes.
Remember that you are protecting your investment and the value of the entire complex, while ensuring that your living space and surroundings are pleasant and in an acceptable condition.
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Topics: Contract, Investment, Property |
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