Apartment investing may have seemed like an “iffy” deal from the beginning, but apartment investing can actually be a pretty sound part of your retirement plan. There are, however, some things you need to think about with regard to your apartment investing property as time goes by.

Some people think that there’s nothing much to apartment investing once you’ve made the initial purchase. How difficult can apartment investing be after you hold the deed and the tenants are moved in, right? Anyone who’s been there knows that there are some real ups and downs to apartment investing, many of which simply require that you handle them along the way. But there are also some natural turning points along the apartment investing plan when you need to take another look at your investment, your goals for the investment, and maybe make some modifications to the plan.

When you entered into the apartment investing plan, you probably had great expectations of how your property would stand the test of time. Renters may have wreaked havoc on that particular part of your apartment investing plan. Even if you haven’t had complaints about the conditions of the apartments, take time to do periodic walk-throughs to judge the condition for yourself. Some routine maintenance along the way could save you significant financial cost (and headaches) later.

If you’re having trouble attracting or retaining quality tenants, it may be time to seriously evaluate the condition of the building and it’s impact on your apartment investing plans. While tenants may not tell you that the apartments need work, the kind of tenants who want to rent and the length of time they stay could speak volumes about your apartment investing situation.

Whether it’s because you decide it’s time or your renters decide, repairs and renovations can certainly take a bite out of the profits of your apartment investing opportunity. If you’re weighing whether you should make renovations, consider what you’re charging for rent and whether there’s room to increase the rent to help cover the costs. You may also look at the equity you have in your buildings and property to decide if you should take out an equity loan or maybe even refinance your existing loan.

If you’re getting pretty close to retirement (or just want some cash to spend), you may be thinking about selling the property – that was, after all, your original apartment investing plan. Give it a second thought. You’ll be hit with taxes if you sell, but you can take out an equity loan or refinance without paying those taxes, and without losing your apartment investing opportunity entirely.

Apartment investing deals are typically meant to be long-term investments. It’s unlikely that you’ll begin to show immediate profits from your apartment investing opportunity. But just because it’s a long-term investment, don’t make your apartment investing plans so rigid that there’s no room to reevaluate where you stand and to consider changes in that plan.