Small property problems, costly repairs
A small maintenance issue in your investment property can be easy to ignore, especially when it does not seem urgent. Unfortunately, minor problems can sometimes turn into major repair bills if they are left too long.
Keeping on top of these early warning signs is one of the best ways to protect the condition of your investment and reduce the risk of avoidable damage.
Watch for water where it should not be
Water-related problems often begin quietly.
A leaking tap, damp cupboard or small ceiling stain may not seem serious at first, but ongoing moisture can affect flooring, walls and cabinetry. It can also contribute to mould growth if the underlying issue is not addressed.
Blocked gutters are another common culprit. When gutters cannot drain properly during heavy rain, water can spill into roof cavities or down exterior walls, so make sure your tenant is clear on their responsibilities when it comes to keeping gutters clean.
Any moisture or mould issues should be picked up during property inspections, which is why it’s important to have them on a regular basis.
Keep an eye on the roof and exterior
Loose tiles, damaged roofing materials or deteriorating flashing may allow water into the property during storms. By the time a stain appears indoors, a leak may have been present for some time.
The same goes for fences and trees. A leaning fence, loose post or damaged branch might survive normal weather but fail during strong winds or heavy rain.
Pay attention to tenant reports
Tenants often notice changes and problems before anyone else because they live in the property every day.
Reports of unusual smells, damp patches, dripping taps, mould, pests or strange noises should be investigated promptly. What sounds like a minor complaint may be the first sign of a bigger maintenance issue, especially if your property is hosting termites that are causing damage you can’t see.
Your tenants are the custodians of your property. It’s important to maintain a good relationship so they feel comfortable raising concerns.
Maintenance and insurance work together
Property problems are inevitable, which is why you need a three-step approach to keep costs under control.
Firstly, landlord insurance can potentially provide financial cover when unexpected damage occurs (don’t forget to read the fine print as it’s not a 100% safeguard).
A regular maintenance routine that includes periodic checks of gutters, roofing, plumbing, trees and fencing can help catch problems early.
Finally, a reliable property manager who will conduct inspections and help you stay on top of repair requirements will help prevent small issues from turning into major (and expensive) jobs.
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