5 ways to save money on maintaining your investment property
When you own an investment property, one of the highest ongoing costs is maintenance and repairs. From regular pest control to emergencies and larger issues, small unresolved problems can create costly problem in the future. This article outlines the common maintenance jobs required on investment properties and how you can save money on each of these by keeping to a regular maintenance schedule.
Most buildings in Australia sit on top of soil. This means that the soil can compress and compromise your property’s foundations over time. Signs such as small cracks in the walls, a jammed door, or bouncy and uneven floors may seem like minor problems, but they could become larger foundation issues in the future. If you or your property manager notice any signs of foundation problems, get a structural engineer to inspect your property as soon as possible.
Many modern properties today have air conditioning. While this makes living comfortable for tenants, these appliances need regular maintenance to keep them in top condition. Ideally, you should have someone check your air-conditioning and heating units annually. Doing this now can extend the life of the unit by 5 to 10 years, not to mention minimising dirt and bacteria in the units too.
A property’s roof is the first thing that defends a property from the elements, especially rain and hail. If you don’t keep up with annual roof maintenance, your property could end up with leaks that get worse over time, causing costly water damage. Make sure you get a professional to check your property’s roof each year to repair any broken tiles or replace mortar.
Plumbing problems are another set of small inconveniences that can grow into costly repair jobs if they aren’t fixed quickly. If a tenant reports something like a leaking tap or toilet, make sure a plumber fixes this as soon as possible to prevent further damage.
It’s much easier to do annual pest control than try to address an infestation of insects or rodents once they’ve made themselves at home. Annual pest control ranges from under $100 up to around $450, depending on the size of the property and its location. Your property manager should be able to help you book this in, so you can proactively protect your property from creepy crawlies.
Spending now on maintenance jobs may feel like a restriction to your cash flow, but making these small investments in maintaining your property can eliminate much larger maintenance bills in the future. Consider investing regularly in the maintenance areas above to keep your investment property in good condition year-round.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.