Common property maintenance pitfallsJune 23, 2020
In real estate, every bit of your property is important towards its market value. A well-maintained property will be able to present a much higher market value compared to one which is run down. Chances are, your property is one of the biggest chunks of investments that you have committed. This is why you should be making sure that you can get the most value out of it.
As one of the most renowned property developers in Malaysia, let us share with you today some of the most common property maintenance pitfalls and mistakes.
Mistake 1: Impulsive buying without checking
The first step in good property maintenance is to simply choose the right one. With so many new houses for sale, there are plenty of good condos and landed properties available in the market. This is especially so in big cities like KL and JB. The market saturation also means that the best practice is to always buy from a reputable and well-established developer in Malaysia.
Reputable developers aim for long-term businesses and they are usually more willing to put in effort in constructing good quality buildings. They also like to establish a good relationship with homeowners, which means that they are more likely to fix any defects your unit may have.
Mistake 2: Not fixing defects
Regardless if you are buying a landed property, a high-end condo, or even just an affordable apartment, there will be defects. The construction process relies on human labour; and humans make mistakes. However, these defects are usually minor and can be easily fixed. All that needs to be done is for the owner to make a request to the property developer.
That being said, many homeowners tend to ignore the defects. Even minor cosmetic defects can be a hassle to fix on your own, aside from the costs required. It will also affect the valuation of your property especially if the defects are significant.
Mistake 3: Not choosing the right tenants
Let’s be honest, not all homeowners screen through their prospective tenants properly. Owners should always thoroughly check potential tenants to make sure that they have a clean rental history. Check if they are blacklisted from any financial institutions or other homeowners. Some of them may bring in pets, which could damage your home if not cared properly. The blacklisted ones may default on paying your rents. This goes a long way to make sure that you do not get undesirable tenants.
Mistake 4: No routine inspections
While you do not have to check your property every week, having a quarterly inspection is good enough. These inspections do not mean that you are conducting a surprise raid on the tenants. You should be there to check if there are any damages or defects towards your property. Major damages such as burst piping or cracked flooring can be easily fixed early on. However, they can often lead to major issues if left unattended to. Inspecting units regularly lets you monitor and detect any issues early on.