Keeping on top of maintenance will save you money in the long term, as your property will remain in good shape and you will avoid larger maintenance bills down the road. Ask your tenants to keep you in the loop about any maintenance issues, such as breakages, leaks, mould, or general wear-and-tear. Stick to an inspection schedule so you can keep tabs on the state of your property. Remedying problems when they arise will ensure they won’t escalate and lead to a large repair bill.

Save your money by doing the easier maintenance jobs yourself, if you can do so safely. If you’re unsure, hire a professional to ensure the fix will last. It’s best to get a few quotes before settling on a tradesperson to undertake the repair work, to ensure you get the best deal available to you.

It’s a good idea to avoid over capitalising on renovations during an economic downturn, but if you want to make some improvements, stick to projects that will have a high return on investment. Some projects to consider that are low cost but will have an impact on the appeal of your property include painting and replacing heavily used fixtures such as door handles and cabinet hardware.