If you’re planning to hold onto your Indianapolis investment property for the long term, you’re mapping out a profitable strategy. The longer you hold onto and improve your asset, the more it will be worth. The home’s value will continue to appreciate, and as you pay down the mortgage, you find yourself with more equity and cash flow.
To keep a property for the long term, you must be prepared to maintain it over time. There’s no sense in making incremental changes when you’re thinking about long-term solutions.
Here’s our advice on maintaining your Indianapolis investment property over time.
Take Preventative Maintenance Seriously with Your Indianapolis Rental Home
Preventative maintenance is essential regardless of how long you’re planning to keep your property. When you prioritize preventative maintenance, you save money and time, and you also get the peace of mind that your investment, over time, will continue to improve and remain in good condition.
With a good preventative maintenance plan in place, you can extend the life of some of your property’s most expensive functions. You’ll reduce the number of emergency repairs you have to make, and there will be less disruption to your tenants and their ability to enjoy their home.
Maintain your home over time with a preventative maintenance checklist that includes:
Landscaping and pest control.
Roofing and windows.
HVAC inspections and service.
Plumbing and electrical check-ins.
Smoke detectors and carbon monoxide detectors.
You’ll need to update this list as your home ages and systems are repaired and replaced. As long as you are organized about what is being maintained and when you can avoid those unexpected and costly emergencies and keep your investment in excellent shape.
Work with a Great Team of Vendors and Contractors in Indianapolis
Part of maintaining your Indianapolis investment property over time is working with reliable, professional vendors who know you, know your property, and understand the urgency of your repair needs. Develop relationships with professionals who are licensed and insured. You need trustworthy maintenance partners with affordable rates and a commitment to service.
Property managers in Indianapolis often have the best vendor relationships. We provide our preferred vendors with a large volume of work, which means they work hard to keep us happy and they also offer us some of their best rates.
Make Routine Improvements and Upgrades
Renovating your Indianapolis investment property will help you maintain it over time.
During tenant turnovers, look for opportunities to preserve its condition and increase its value. There are basic improvements you can make, such as painting and replacing old appliances. You can also be strategic. Hard surface floors, for example, can replace carpets and give your property an instant boost in both appeal and value.
When you make even minor and cost-effective renovations, you’re taking care of your property and ensuring it remains valuable and rentable for the long term.
We can help you plan for the maintenance your home requires now and in the future. If you’d like to talk about a plan, please contact us at Red Door Property Management.