Top ad­vice to in­vestors

The Weekend Post - Real Estate - - Front Page - CHRIS GRAY

Once you’ve cho­sen your in­vest­ment prop­erty, there are many sim­ple things that may cost you a bit more up­front but are guar­an­teed to save you money in the long run. In­stall a smoke alarm Smoke alarms don’t cost much; how­ever, many land­lords don’t have one in­stalled in their rental prop­er­ties, which can end up cost­ing a for­tune if a fire was to oc­cur, on top of putting the lives of your ten­ants at risk.

In­many­cas­esy­our in­sur­ance pol­icy may be voided for fire-re­lated ac­ci­dents if you haven’t com­pleted a smoke a l a r m c h e c k i n t h e l a st 1 2 months. Don’t ig­nore mould It may seem like a small prob­lem that is easily fixed; how­ever, if you leave it for too long it can end up cost­ing yo u a l o t o f money.

I know of a land­lord who pays the elec­tric­ity bill on be­half of his ten­ants be­cause they have to use a de­hu­mid­i­fier full time to stop the mould spread­ing.

If you can help it, try to stay away from south-fac­ing prop­er­ties that are poorly ven­ti­lated. Make it se­cure By not in­stalling small things like win­dow se­cu­rity bars you are putting your ten­ants at un­nec­es­sary risk of harm and theft.

Also, the dam­age to your prop­erty from some­one break­ing in through the win­dow can of­ten be much more ex­pen­sive than the cost of a few sim­ple se­cu­rity mea­sures. Get a good strata man­ager If you have a poor strata man­ager or you your­self never do check-ups on your prop­erty, you’re un­likely to know about mi­nor re­pairs or main­te­nance that is needed.

These mi­nor re­pairs can quickly turn into a ma­jor, very ex­pen­sive re­pairs if left unat­tended. Don’t skimp on trades­men When you buy a prop­erty there can be a lot of up­front ex­penses, es­pe­cially if you’re ren­o­vat­ing, so it can be tempt­ing to let a friend of a friend who does some plumb­ing on the side redo the bath­room for you at a cheaper cost.

How­ever, this can end up cost­ing you much more down the track when you need to pay a pro­fes­sional to fix all the er­rors.

Ren­o­va­tions re­quire time and skill.

I al­ways out­source to a pro­fes­sional who can man­age ev­ery­thing and will get the job done to a very high stan­dard very quickly.

DON’T SKIMP: In­stalling a smoke alarm is im­por­tant in any in­vest­ment prop­erty.

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