7 Tips For Managing Your Vacant Property

7 Tips For Managing Your Vacant Property

7 Tips For Managing Your Vacant Property
(Dreamstime)

With reasonable home loan rates, it has become easier to go for a second home these days. But those who are already owners of multiple residential properties would understand the difficulties involved in maintaining multiple properties. Vacant apartments are just as susceptible to wear and tear thus requiring regular care and repair. Here's what you should do to sustain the market value of your property.

Frequent visits

Undertake regular visits to your old property. If you are away from the city, then seek the help of friends or relatives staying in the area to make visits and check for damage like broken window or glass, etc.

Safety and security

Make sure there is a basic security system installed like a CCTV camera, alarm system, etc. If your apartment is in a residential area, you could hire the area's watchman to look after your property as well. Enhanced exterior lighting which integrates with security cameras is a great option too.

Keep it clean

Keeping a property unattended for a long while will expose it to wear and tear thus decreasing its real estate value. If the apartment is furnished, ensure to keep the furniture covered, particularly upholstered furniture which tends to attract more dust and dirt.

Prepare your home

It is necessary to repair the house and fully prepare it before vacating or renting it out. Replace shoddy entry doors with hard wood or steel doors with strong locks. Paint the house in neutral colours or warmer tones like beiges, off-whites, and greys. Fresh paint not only beautifies the home but attracts potential buyers as well. Leave your curtains or blinds in place to maintain the home's appeal.

Also read: Did You Know? You Need To Pay Income Tax On Vacant Property

Monitor the electrical system

Electrical devices in the house need to be taken care of. Unplug all electrical appliances to avoid any electrical issues or wastage of power. It is advisable to switch off the main power outlet to avoid any fire hazards.

Suspend all connections

Suspending water, electricity and gas connection temporarily is a wise decision. In case you use the house in between, empty your refrigerators and ensure to discard any leftover food items before vacating it again to prevent pests' infestation and related damages to your property.

Also read: When Will My Rental Income Actually Start Looking Like Profit?

Validate your home insurance clauses

Some home insurance programs have clauses against covering attended houses. Do read the document carefully and opt for necessary arrangements as per your insurance plan.

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