Having a property in Benoa, one of the most beautiful coastal area in Bali, can definitely be a good investment. Whether you let it or sell it in future decades, the property will give you huge return—as long as you maintain it right. Maintaining your investment property is beneficial to you in terms of recruiting and keeping good renters, as well as preserving the property’s worth over time. With this in mind, we have created several tips on maintaining your coastal property to protect its value from depreciating risks.
Renting Your Property Bali Benoa for Long Term? Screen Your Tenants
It’s common to rent out your house and property in Benoa and other areas of Bali to long term foreigners, aside of putting it up for B&B or villa rental. However, you need to do selective screening for your tenants if you choose to put up your property for long term rent. Tenants can have a significant influence on the maintenance requirements of a building. Are they willing to contribute to the property’s upkeep? As a landlord, you’re in charge of the bulk of the property’s upkeep and repairs, while the renter promises to keep it clean and neat. You can, however, require that your renters perform some basic maintenance jobs as part of your rental agreement, such as mowing the lawns, weeding the yard, and changing dead batteries of electronic households.
Regular House Inspections and Maintenances
Some maintenance concerns, such as a leaking faucet, are difficult to predict or avoid. By maintaining a regular maintenance plan, other concerns may be addressed before they become severe problems. These are the items that should be examined on a regular basis, such as a yearly furnace inspection, whether weekly, monthly, or annually. It’s not only about avoiding expensive repairs; it’s also about providing a comfortable living environment for renters.
Here is the list of things you should check during a regular inspection in your property Bali Benoa:
- Ventilation systems
- Air filters
- Smoke alarm
- Plumbing and hot water
- Gutters, if your tenants regularly clean it or not
- Pests checking
- Leaks checking, especially during the wet months in Bali
- Garden trimming
- Any potential violation of tenant agreement terms
- Why Regular Inspections is Important
Small maintenance tasks will save you money in the long term. You’re less likely to have a list ready for when your renters go, which means your property will be vacant for less time while you fix it. Regular upkeep also implies that if you decide to sell, the home will be in better shape.
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Property Inspections Post Move Out
This inspection occurs after the renter vacates the premises, as the name suggests. This inspection is not just for the landlord to record any damage committed by the tenant, but also for the landlord to note any regular wear-and-tear repairs or maintenance concerns that may need to be addressed before the unit is rented out again.
The Rule of Thumb of Property Bali Benoa Maintenance
It’s difficult to know how much money to set out for rental property maintenance. Many professional property managers follow the 1 percent rule, which states that one percent of the entire property value should be put aside for rental upkeep. According to this guideline, a $200,000 rental property would have a $2,000 annual budget line item for maintenance costs.