Keeping Your Investment Property Well Maintained
When it comes to owning a rental property, there are always expenses vying for your attention, however you should always prioritize the cost of on-going maintenance and repairs. Having a well-maintained property gives you the ability to sell quickly if you find you need to, reduces your exposure to legal risk, reduces the likelihood of small problems becoming big problems and most importantly helps you attract and keep good quality tenants.
Key maintenance items:
1. Smoke Alarm Servicing – it’s a landlord responsibility to ensure that investment properties comply with current regulations and are in good working order. For a tax deductable cost of $99 per annum, you can be on the smoke alarm program giving you and your tenants peace of mind and fulfilling your legal obligations.
2. Keeping Your Gutters Clean – although some properties are more surrounded by trees than others, having blocked gutters when a big storm hits can be catastrophic. Storm damage such as dropped ceilings, destroyed fixtures and fittings and damaged tenant possessions can lead to a huge amount of stress and cost. Dependent on the property, this is likely to be required annual.
3. Gas Appliances Checked and Tested – Energy Safe Victoria recommends that gas water heaters, space heaters and central heaters are serviced every two years. Not only will this provide peace of mind for tenants and landlords, it rules out the risk of Carbon Monoxide leakage which can cause death in extreme cases.
4. Trimming of Large Trees – It is the landlord’s responsibility to maintain large trees on their property. If the trees are near power or communication lines, or near fences and buildings, it is advisable to have them trimmed by a professional, every 12 months or so, to ensure they stay healthy and under control and to avoid fires and fines.
5. Internal painting & carpets have a 10-year threshold – Once internal paintwork and carpets passes 10 years of age it is no longer able to be claimed as a cost should you take a tenant to VCAT for damage. Keeping the paintwork and carpet fresh also presents the property at a higher standard when advertising for new tenants and may attract better quality applicants.
