Ignoring rental property maintenance and repairs – another common mistake property investors make!
So many people rush in and buy a property without doing their homework when it comes to rental property maintenance and repairs. Even when you do your homework, things can and inevitably will go wrong.
What should you look for when deciding on whether to buy what appears to be a great investment property?
At the very least you need a thorough building report from a reputable company.
On top of that you will need to look at:
- The hot water system. How old is it and how much reliable life does it have left?
- The wiring. When was it last checked? What was the date of the last electrical inspection? Are there sufficient power sockets for the increasing number of appliances and devices being used?
- The internet. Has fibre been connected to the house? How good is the broadband? Does the router need replacing because it can’t cope with internet traffic demands, especially with people now working from home?
- The roof. Does it leak? Are tiles missing? When was it last cleaned? Again, how old is it and what is its reliable lifespan?
- The gutters. Are they clear or full of rubbish and mud so they overflow and potentially leak water into the house?
- The bathroom. Is it full of mould because of poor ventilation? If there’s a fan, is it operational or will it need replacing?
- The kitchen. What is the state of the stove? Will it need replacing in the near future? Is there an operational range hood?
Small issues can fast become major problems if not spotted early. Yet they can be missed if there is not a full inspection when the property is first being considered for purchase.
Always factor into your buying decision the money you will have to spend on repairs and maintenance, not just to keep the house sound but to attract the type of tenants who will look after it as if it was their own.