The acquisition of real estate such as lands, buildings, plants and machinery is an investment. It is not only properties meant for commercial purpose that can be termed investment, even your residential properties fall into the category.
Home maintenance is an important aspect in the real estate business. The structures, land and plants/machineries needs to be pampered like a child because it is the life core of the investments. Many new buildings fall into a state of disrepair and all the owners do is collect rental value. They do not care about carrying out periodic checks on the property.
There is a house on my street and it is more than 20 years just like the others. There is a very big crack on the master’s bedroom wall and it has been there for more than 15 years. All complaints to the landlord have fallen to deaf ears. All he is concerned about is just to collect his rent. When new tenants come for the property, they turn around and run because it is a death trap.
Maintenance culture in Nigeria is very poor and in some cases it does not even exist. The external part of a structure may look stronger and attractive from the outside but it may be weak because of the several hits it has taken. These hits could be in the form of hammering, breaking of the walls etc. The wear and tear of properties needs to be taken seriously as lack of maintenance affects the following:
1. The lifespan of the building is reduced
2. The value of the property is affected
3. The investment becomes unprofitable
4. The lives of the tenants is in danger
Maintenance is important to keep the investment in real estate more viable, valuable and profitable.
Photo credit: CMMS Maintenance care blog