The COVID-19 pandemic is a difficult time for all of us. With all our collective realities undergoing a drastic change, we have had to take a step back to ease ourselves into the new normal. Many of us have put a hold on all our lives and our plans for the year. Especially with the economic market coming to a standstill, many have also had to withhold investment plans until the real estate market recovers enough to enable people to sell or buy properties and make other significant investments.
Buyers and sellers usually consider the beginning of a financial year to kickstart their investment plans. Given the lockdown conditions of the past few months, how do we ensure the upkeep of the property to ensure that it is in good, functioning condition for potential buyers to assess it post the lockdown? Here are some tips to help you maintain your property during this period to help retain the value of your house.
It is a well-known fact that the current condition of the house is one of the major factors that determine the value of the property. So, it is of prime importance that you do everything possible to maintain your property to increase your chances of getting a good market value when evaluated by a professional.
There are various factors that come into play during maintenance especially for determining the market value of the house - the age of the roof/ceiling, the wiring, paint job, draining and plumbing systems, etc. So, it is vital to maintain all these factors during this lockdown to make it presentable while selling.
Use the Right Materials for renovations or repairs:
If your property is relatively old, assess for major repairs that should be done prior to inviting potential buyers. Unattended repairs can make the property seem less valuable to prospective buyers. When making repairs, choose materials that will last a longer period of time, even though you may not be the owner of the property in the future.
One of the best ways to make sure that your property is in condition is to maintain a schedule for the upkeep project and carry out all the servicing work. Every one or two months, you can run a thorough check of the entire property to get everything cleaned up and check if everything is in place and most importantly, working. This involves the cleaning of the entire property including the toilets, garden or open space if any, check for faulty or leaky faucets, condition of the water, air conditioner filters, draining system, the switches and other electrical appliances along with belongings if any. You could also waterproof your house by repainting once in a while to prevent water leaks and also get pest control done to avoid any rodent or termite infestation.
Lifespan of the Roof:
Though it seems trivial, the lifespan of your roof is one of the most important components that determine the market value of your house for it speaks for the durability of your property. If your roof is older than 10 years, that could definitely affect the market value, so it is vital to change or modify your roof from time to time. But, now that can be a difficulty due to the current situation, you can make sure the roof is clean and well-maintained. Check for any cracks or water dampening that needs to be repaired and get it done immediately.
Your home is one of your most valuable and beloved assets, so you should ensure that you do everything within your power to maintain it. Set aside a maintenance budget as a part of your monthly expenses, need it be, so that you don’t have to shell out all the expenses together. While the real estate market takes its time to recoup, it is vital that you employ these maintenance tips to upkeep your property! Check out the Chola’s home insurance plans to secure your home from uncertainties.