Do you have a maintenance plan?

From WikiProperty

One thing you can be sure of with a building is that it will require maintenance. Another thing is that this will cost money. For an investment building, the two conflicting objectives are to maximise income and to keep the building in good repair. The question is; what is the correct balance or approach. One extreme is to do no maintenance and just replace when the tenants' complaints become too much. The other is to repair/replace as soon as a problem is suspected or obvious.

Studies have shown that the first option is the cheapest on an annual basis if costs due to secondary damage or lost tenants etc are ignored. Also studies show that with a more 'simple' building it is cheaper to just do what is necessary where with a 'complex' building a full maintenance plan is required. BRANZ (Building Research Association of New Zealand) in their publication 'Protecting your Investment (November 1999) has an excellent chapter on Maintenance planning.

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