If you're looking for an investment to increase your passive income, look no further. On average, commercial property has a return on investment (ROI) of 9.5%.
St. Augustine, Florida, is an excellent place for businesses to set up and there's a lot of opportunity for you as an investor. The city has a lot of history and a beautiful coastal setting, making it an ideal spot to purchase property.
Finding the right commercial property can take some time, but once you do you'll need to consider the maintenance and repairs.
This guide will tell you everything you need about Saint Augustine real estate and managing your property.
Maintaining Property Value
Maintaining your commercial real estate is key if you want to keep your property. When your building is well maintained, it's going to be more attractive to potential tenants. This factor allows you to command higher rental rates or sale prices.
Having Saint Augustine real estate that is in good condition will also allow you to retain your current renters. The time between leases can be costly to you, so keeping your tenants happy should be a priority as they'll be more likely to renew.
Neglecting maintenance can lead to costly legal and safety issues. The city of Saint Augustine has laws regarding tenants and building codes. If you don't focus on maintenance and repairs, you could be fined by the city.
Neglecting maintenance could also lead to a lawsuit if your tenants or visitors are injured due to negligence.
Prioritizing Repairs
Repairs are an inevitable part of owning commercial real estate. It's best to think of them as an investment and not an expense that should be avoided.
Ignoring needed repairs can lead to more extensive and costly problems down the line. For example, a small leak can turn into a major structural issue if not addressed right away.
When you prioritize getting repairs done quickly, you'll also be showing your tenants that you care. You can use this to foster a healthy and positive relationship with your renters. You'll be able to encourage them to report issues promptly, preventing small problems from becoming larger ones.
Hiring a Pro
We know managing commercial real estate in Florida alone is tough. It's easy to forget about maintenance and repairs. Setting a regular maintenance and repair schedule can be helpful.
Working with a management team that has connections with local contractors, plumbers, electricians, and other specialists can be invaluable as well.
The Power of Maintenance and Repairs
Investing in commercial real estate in Saint Augustine, FL, can be a lucrative endeavor, but success hinges on proper maintenance and repairs.
Taking the time to prioritize these aspects will ensure your property is safe, and it increases your real estate's value and tenant retention.
By being proactive with maintenance and repairs, you'll be able to you can enjoy the benefits of your Saint Augustine commercial real estate investment for years to come.
We have a reliable and knowledgeable staff here at PMI Ancient City that is ready to help you. Give us a call, and we'll answer all your questions.
