Between Easter and the end of the Financial Year is the time when most investors tend to do their renovating. No matter how big or small the repairs, it’s all about keeping your property maintained.
If you’ve engaged a good property management service, they will provide recommendations and suggestions for upgrades, maintenance and preventative maintenance, and in turn, arrange quotes and contractors on your behalf as required.
So to get started, grab a notebook and a pen, and have a think about your property in general and what needs doing first, and what can wait until the next financial year, and plan further ahead for what will need doing in 3 years. Or 5 years. Or longer.
I’m going to mention those obvious, big ticket items first – I’m talking about upgrading your original and tired kitchen or bathroom. The 80’s was a great decade, but it might be time to move on… If not only for the hair, but to also avoid water damage – maybe your chipboard is flaking or the laminate is unglued and general wear is taking its toll. Those wet areas are generally the most used, and most expensive, rooms in your home.
Along with those popular areas, don’t lose track of the bigger picture and ensure you keep the following items maintained and upgraded.
– External painting or an external house wash;
– Internal painting;
– Replacing or removing carpets – maybe you’d like to put down tiles or polish your timber flooring instead to avoid staining and damage to carpets;
– Do your air conditioners and other appliances work efficiently? When was the last time they were serviced?
– Wear to your blinds and curtains;
– Does your worn fly screen mesh and stiff window rubbers need replacing?
– Adjust hinges on cupboards and doors to ensure they are all opening and closing easily;
– What shape is your roof and guttering in? Could you apply a gutter guard to avoid rusting from the base?
– Rotting step treads and hand rails;
– How many loose boards on your deck could use nailing down? Maybe you’ve been doing this for a while or putting off replacing individual boards – would having the whole lot done be more beneficial than continuously replacing one or two at a time?
– Are your pavers or concreting still even or has movement in your land resulted in cracking and compromised the even surfacing, resulting in a trip hazard?
– Upgrade your fencing to keep your pet-friendly status;
– Trimming trees to keep branches and leaves out of guttering and off the house to avoid rusting or termite activity.
No matter how big or small, all of these things age and wear over time. Preventative maintenance on even the littlest things keeps your home well maintained, safe, and can help avoid a big cost or liability in the future.
A well-presented property will attract a good quality tenant. A well maintained property will keep them. Securing a good quality, happy tenant on a fixed term agreement will minimise your vacancy period and loss of rent, plus avoid unnecessary wear and tear of tenants moving in and out.
We recommend you seek further advice from your accountant for information on what can and can’t be claimed in your tax return. Happy renovating! For further information on this or for a rent appraisal and analysis on your property, please contact me on 0476 815 970.