General Maintenance And Repairs

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Property_maintenance

General Maintenance And Repairs

The most common question I am asked by landlords is, “What do I need to do to prepare my property for rent?”

This article is part of a series outlining the most important facets of preparing your investment property.

The 9 most important steps are:

  1. Arrange A Bond Clean by A Professional
  2. Water Compliance
  3. Smoke Alarm Compliance
  4. Pool Safety Compliance
  5. General Maintenance And Repairs
  6. Gardening – Clean Up And Tidy Up
  7. Landlord Insurance
  8. Carpet Cleaning And Pest Control
  9. Have Photos Taken

General Maintenance and Repairs

The Residential Tenancies and Rooming Accommodation Act 2008 states that the property manager/owner, is responsible for ensuring a property is fit to live in and in a good state of repair, before it is leased, and must maintain the premises and inclusions in good repair throughout the tenancy.

It is therefore very important to ensure that everything on the premises is in good working order and presents well as this will be recorded on the entry condition report and will form part of evidence in court cases as well as insurance claims.

The basic idea is: “If it’s broken, fix it.”

  1. Check bathroom grouting and silicone
  2. Inspect and replace leaking taps and washers
  3. Replace lightbulbs and fix broken fittings
  4. Clear blocked drains
  5. Clear gutters
  6. Fix any broken tiles
  7. Patch/ repair any chips in paint
  8. Check all fences and gates, ensure all lock and hinges are in good working order
  9. Check all window and door locks, ensuring easy operation and provide keys to all locks
  10. Have air conditioners professionally cleaned and serviced (this prolongs the life of the appliance)
  11. Ensure all kitchen appliances, oven, cooktop, rangehood and dishwasher are working efficiently
  12. Ensure all pool equipment is in good working order

Adding value with minor improvements and updating the overall appeal of the property can increase its rental return.

If it is within your budget, consider adding or updating:

  1. Ceiling fans in bedrooms and living areas
  2. Airconditioning
  3. Kitchen appliances
  4. Light fittings
  5. New paint throughout
  6. New carpet or flooring throughout
  7. Modern showers screens and or tapware

Taking care of minor repairs and maintenance now, may save you having to spend more on fixing bigger issues down the track.

Also, a well-presented property where everything is in good working order, will attract high quality tenants at higher rents and they will take better care of it too.

How much is your home worth today?

HOW MUCH INCREASE?

I’ve had some buyers tell me …”Yeah I know, the market has gone up a hundred grand.” Others say it’s up at least 10%. One thing is for sure, the lagging indicators of sale prices that find their way to the surface two or three months after settlement are not reflecting the current hype in the market. The official national figure for 2021 year-on-year dwellings growth is 5.9%.

WHAT DO WE DO?

Over the long-term real estate always seems to go up in value. So why sell now? Maybe you shouldn’t. Maybe holding on to solid assets that are rising in value is a good plan.

One of the benefits of an improved market is that it takes up the slack from previous problems. There were a lot of people that bought properties at the very peak of the market just before the GFC hit. Many of them were still sitting on assets two years ago that were worth less than they paid eleven years earlier.

Maybe this boom will allow them the liquidity to sell and move on.

Another old maxim is, “Buy in the gloom, sell in the boom”

Where are you in the financial cycle of your life? Are you feeling young and still accumulating all you can get your hands on, or is it time to take the win and set up for some golden years?

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