Fair Wear and Tear
I’m sure you’ve heard your property manager say “We are required to allow the tenant fair wear and tear” before. This may appear as an excuse to let the tenant get away with damaging your property but there is a way for owners to prepare for this. Rental properties should have minor refurbishment every 7-10 years. This could mean paint, floor coverings and window furnishings.
As time progresses, minor damage or “fair wear and tear” gets exponentially worse so unfortunately, your property manager has to give a little more grace to each tenant as the years roll on.
This is a very normal cycle for an investment property. Put a little bit of money away each year so that when it gets to the stage where “fair wear and tear” is now well beyond acceptable, you now have the funds to freshen the property up, increase the rent and attract good quality tenants to your property.