When it comes to maintaining capital gains, it’s important to ensure that you’ve checked all your parameters. Homeowners, often rush the process and neglect the process of property maintenance or put it off – only to deal with it when it’s of utmost urgency.
Ensuring that your property is sufficiently maintained and in stellar condition can not only protect you from irreparable damages but also make your unit/property more desirable and attractive. and you can also try for how to buy rental property for more better option
While renting out your property is a great investment for the bigger picture, there are a few things to be kept in mind before you go in.
Property maintenance often warrants an all-round approach. Especially, if you’re someone who owns multiple properties in the region. For this reason, many choose to opt for an AMC or an Annual Maintenance Contracts. This is a great option for many who want to avoid dealing with repairs and maintenance issues piled up. Instead, AMCs are a more dependable option – as they give you 360 services even during emergencies. AMC’s can cost anywhere between AED 1,500 to 6,000 depending on your requirements.
As a preventative measure, it is important for landlords to ensure that the property has no pre-existing infestation by pests. Depending on the size of your property or unit, pest control can range from an average of AED 150 – 400. However, in the case the infestation is brought out by the tenant, in some cases it is required that it is carried out by the tenant.
Private Community fees
Every property owner as part of their contract needs to honour a certain payment for the maintenance of building/community’s amenities such as fitness centre equipment, landscaping, maintenance of indoor parks and etc. Similar to homeowner fees, these are applicable to private community often calculated per square footage.
Painting & Flooring
Having the right maintenance plan for flooring and painting can protects yours from damage later on. Although some types may require more care and conditioning then others, such as hardwood floors – it is advised to replace flooring and maintain fresh painted walls between tenants. The costs of getting your house painted or repainted could cost you anywhere from AED 500 – 4000 depending on the size of your property.
Repairs & Replacement
For inbuilt appliances and fully-furnished units, it is very essential to ensure that all appliances are upgraded or even replaced, if necessary, at least – in between tenants. Similarly, HVAC systems must be cleaned, refrigerators and more need to be replaced as soon as they are faulty. These miscellaneous costs could generally add up to AED 1,500 – 2,000 per year.
If you’re in more invested in renting out your property on a short-term rental basis, then you’ll probably need a strict cleaning service. Either way, cleaning costs are definitely something to consider as part of the property’s on-going maintenance regime. Regular part-time services could set you back by AED 20,000 – 30,000 – however home sanitization and deep cleaning done annually usually costs AED 2,000 – 3,000.
Homeowners can generally avoid the hassle of tackling these issues separately, by opting for agencies or property management companies for a more streamlined solution. Dubai being a multi-faceted market is home many leading property management companies such as Property Care, Deluxe Holiday Homes and more.