Apart from the obvious of checking to see that all is alright at your investment property, property reviews are essential for the success of wealth creation. I mean you don’t buy a car and keep jumping in it year after year, year after year without giving it a good service and considering if you should sell it, or even taking the step to sell it. Well investment properties are no different.Have you ever followed the statistics regarding the different property investment strategies?They actually show that the majority of investors are ‘buy and hold’ investors, getting capital growth over a long period of time. This strategy does work, although many active and aggressive property investors would argue that this is not the best way to make serious money at property investing, but that is something else to follow up at another time.Here I am referring to the fact that a property investor should have scheduled into their diary a day to inspect and review a property, or all of their properties at least each and every year, if not more, if the circumstances warrant it.Even though an investor may be a buy and hold investor, that does not mean that they should buy, hold and forget the property!Life keeps us busy and I am under no illusions to the fact that a property investment can at times, although being an asset, can sometimes feel like a rope around your neck. They do take time to manage and so it should be. Often the returns are not there initially and of course, this can be discouraging to the investor.But, come on here. In the long run you will benefit and remember the old saying, “no gain without pain.”If an investor buys a property and holds it for quite a long time, there is a good chance that in the next 15-20 years that property is going to be in the ‘old part of town.’ As the population in a town grows, new estates get built on the perimeter and these new estates will eventually erode the value of the property in the older, central areas.The opposite of this of course, is where there is ocean or river frontage where, in this case the properties will actually increase in value.Town centres and places like that can eventually be rejuvenated, but as far as residential areas are concerned, there really has to be phenomenal growth to cause these areas to be renovated and increase in value again.If you have a house very near the center of town, you may be lucky and it may not take too much of a downturn, but if you have a property in the average older residential area of town, the chances are that as the newer subdivisions and large shopping centers are built, your property will decrease in value.Investment Properties Should Be ReviewedA property review should not only cover looking the property over very carefully checking for maintenance issues, pest control and so forth, but also should include an update on what is happening in the area and plans for any growth in the town.It is quite possible that a property that has been affected in such a way as described above, could devalue as much as 20% – 30% for quite a number of years.If a property investor finds that their property could be at risk of a devaluation, then selling should perhaps be considered as an option. As a property devalues the bank can call in a deposit to cover the difference if the mortgage amount ends up being more than the value of the devalued property. This can be catastrophic for a property investor.This is an example of why a property investor needs to keep in touch with the property and the activity in the area in which they own a property investment.