There are more than two million people with an ownership interest in rental properties in Australia. Our residential investment market is dominated by people who, having bought their own home, have moved onto buying an investment property. If you’re a homeowner who has just purchased an investment property, there are four things you can do to extend its life and ensure it maintains its value over time. It’s all about managing general wear and tear.
Protect the bathroom from mould
Ensure the bathroom is well ventilated with a ceiling fan and window if possible. Take care of worn out silicone and leaks from the shower frame, bath or vanity as soon as possible to avoid damage to your walls or floor. If the shower frame allows it you can also purchase a showerdome, a clear acrylic dome that attaches to the existing shower cubicle, sealing all the moisture within the frame.
Prevent clogged drains
All landlords should invest in drain covers for the kitchen and bathroom, this will stop food, hair and other unpleasant things getting stuck inside the plumbing. If you have delicate plumbing in your property, ensure you explain the situation to your tenants clearly so they are aware of the situation. Get a plumber in to clear the plumbing regularly.
Choose flooring wisely
If you are building or renovating your rental property, it pays to choose flooring that is robust and hardwearing, so probably not carpet. Engineered timber floorboards are reasonably priced, tiles are durable and if you choose timber floorboards be aware that scratches and scuffs by tenants are considered reasonable wear and tear.
Take care of holes and cracks immediately
If the sealing around the doors and windows are worn in your rental, then you’re asking for the outside elements to come in and make their presence known. Prevention is better than repair, so make sure you check seals regularly. If there are cracks in the walls, ceilings or floor, these will only get worse with time, so fix them at the first opportunity. Depending on the roof you have, it pays to give that a yearly check, too.
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