Are you thinking about renting your property for the first time and don’t know where to start?
Today’s tip we are going to back track a bit to touch on maintenance a bit more ( discussed in Tip #2)… But focus more on major repairs.
Tip # 4
Does your property need major repairs?
So you have finally decided to put your property on the market but you have one problem. The property is not rental ready and needs some major repairs. This may be a big deterrent since it can be costly and then finding a reliable contractor to assist you or get the work done may be quite a demotivator.
In cases like this and once your budget permits I would recommend that you hire a Property consultant or Property manager who could oversee the repair process and manage the entire project for you. The PC or PM would do a walk thru of the property especially if you are located abroad and identify any areas that need major attention. What we call a full property inspection. In this inspection they would take pics and document all the areas that need attention and provide you with a full report of what needs to be done. Once you agree on the work that needs to be done they would get quotations for the various jobs so you can decide which contractors you want to use.
A lot of Property managers have a list of contractors they use for various jobs who they have used before. However if you have your own reliable contractors they would also be willing to work with them as well.
Some owners opt to oversee the repairs themselves which also works as well once you have the time and patience to do so..
Regardless of which option you choose once repairs are needed try to do them in their entirety and not half way even if you do it in stages and it takes a bit longer. It will definitely save you headaches in the long run.
Some owners may also use this time to do major renovations as well and upgrade their property to a more modern or contemporary feel and lock.
For a more in depth conversation please feel free to message me.