Budgeting for maintenance

Budgeting for maintenance

By Shana Mawhinney on Oct 25 2017

As a property investor, you usually have two main focuses with your investment

1. Maximise your return on investment
2. Minimise your exposure to risk

Repairs and maintenance relate to both

When you start the process of looking for a tenant, your focus is usually securing the best price, in the shortest time and to the best tenant. Your best chance of successfully achieving these aims is to look at the presentation of the property during the leasing process.
Ask yourself: “Would I live here?”
Make the first impression a good one! The property should be neat and tidy so the prospective tenant can picture themself living there, so ask yourself "would I live here?"
Presenting a property in a beautiful state for lease doesn’t need to cost loads of money.
Consider these items, completed by professionals:
  • Cleaning including windows, fans, exhausts, blinds, walls
  • Carpet cleaning
  • Gardens
  • Pool maintenance

 Every 5-7 years, depending on wear and tear, landlords should also consider:
  • New carpet
  • Fresh paint

It’s suggested to build up a ‘rainy day’ fund to cover unforeseen events such as big ticket repairs, rental arrears, vacancy or your own changes such as employment, relationship or an additional family member that could impact your income.

For any further advice, please contact us on 8269 7711. We'd love to be able to assist you!