Sadly summer is all but finished and autumn is on the way, bringing with it cooler temperatures, wetter weather and the need for increased maintenance for your investment property. What tasks must you undertake to protect your property before winter comes? How can you reduce the costs?
Fix small issues with your investment property now
The average investment property is a repair bill waiting to happen. However, by closely inspecting and maintaining your investment property over autumn, you can avoid massive costs in future by spending just a little bit now.
For example, getting your roof inspected and repaired by a professional may cost you as little as $500, according to the Australian Roofing and Building Source. Archicentre's cost guide puts a full replacement roof at around $5,000 to $20,000, so it's always better to fix problems before they worsen under harsh winter weather.
Service your heating system and save
Not even the shrewdest landlord would leave their tenants freezing when winter comes around. But that doesn't mean you have to spend a bomb maintaining your investment property's heating. Have a look at the system you're running – if it's a ducted heat pump that hasn't been serviced in a while, Canstar Blue estimates that it could cost your tenants as much $383 in electricity a year.
More importantly, if the filters haven't been cleaned and maintained there's a good chance your system will need replacing far sooner. Learning to service it yourself could mean that it lasts for years longer, keeping your tenants comfortable and saving you money.
More essential Autumn investment property maintenance
By closely inspecting and maintaining your investment property over autumn, you can avoid massive costs in future by spending just a little bit now.
Having your hot water system looked at now before winter comes is always a good idea. If it's in bad shape it could cost you as little as $300 to replace. That may seem like a considerable sum, but it's a lot cheaper than the repair bill if the system were to burst or fail under heavy winter use.
If this occurs you may need to treat rising damp from flooding, and even replace water pipes. All of which is likely to cost you over $2,000 at least, according to Archicentre. Getting to these little things sooner will not only help you save costs on maintenance, but it'll also keep your tenants happy.
Happy tenants mean less vacancies – which as you know means more money in your pocket and a more successful property investment. If you're taking out repairs on your property this autumn, or are considering getting into the market, get in touch with the team at Advantage Finance.
We're experts when it comes to financing your investment endeavors and would love to help make yours a success – no matter the season.