The Need For Adequate Property Maintenance and Upgrades

 
By ESV Dennis Osamudiame Okunwe

By default, one of the key functions of property developers and managers is the continuous maintenance of the properties in their portfolio. Across the major Nigerian cities, most houses that were properly built and rented out are in deplorable states due to lack of adequate maintenance as at when due.
 
In property management, maintenance and upgrading of properties in line with modern housing needs is very important.  To enhance the value proposition of the property in the market, adequate and regular maintenance should be inculcated into the function of the property managers, irrespective of the lactation and nature of property. To attract the right tenants, the right upgrade and repairs must be done. All over the world, Well-maintained properties command high rental rates and continuous appreciation over those that are not being maintained. The common saying that you are using your property to guide against inflationary pressures, that property must be up-to-date in line with modern housing needs.
 
When it comes to property valuation, a well-maintained property is better valued by professionals in the built environment, thereby making that property an asset for all purposes.  Population expansion and urbanization are on daily basis raising the prices of properties across Nigeria and other climes.  Thus, for property owners and managers that want their properties to continue to serve as an all-time asset, there is need for them to continue to invest on the said properties through adequate and regular maintenance.
 
In all types of real estate asset – residential, commercial, and industrial; for them to remain relevance and capture the existing opportunities, their maintenance must be continuous, and in line with what is obtainable in the global property market at present. 
 
To avoid this growing trend of properties not being maintained or adequately maintained, from the onset, property managers and owners should set aside a pool fund that will be used for maintenance of the properties(s), even before they start making profit for the investors. No matter the level of sophistication of a house, upon completion, it requires immediate touches that will keep it in order and in taste. And these are all part of maintenance.
 
Some experts in the built environment however argued that the harsh economic environment is the major reason why most property-owners and managers are not taking maintenance as a serious aspect of their growth. Truth be told, every investment must be maintained for growth and development.
 
To me, the quality of attention given to properties, irrespective of the age is maintenance. Is a wide range of responsibilities over time, and the property must be kept operational at its best.Sustainability of properties demands regular attention. The need to adopt maintenance practices by professionals in the real estate space cannot be overemphasized. Failing to maintain existing properties comes with a lot of economic, social and health consequences and vice versa.
 
 ESV Dennis Osamudiame Okunwe is a Registered Estate Surveyor and Valuer and Shared this insight from Lagos, Nigeria.