It's easy to become complacent with your investment when it's set and forget. It's funny to think that many investors don't take the time needed to review their properties current health - property is the single biggest investment some people will make in their lifetime and yet we don't spend nearly enough time reviewing its performance as we should.
Every 12 months we recommend a little 'check up' on your investment to see if there are any areas where your property could be working harder for you and make sure its in tip top condition to serve you best.
Below is a guide to help you give your investment a 'property health check'. You can work your way through the questions and if you come across areas that need review or you know you haven't covered then we would be more than happy to chat about strategies to get this in order for you.
All you need is a good Plan A:
To find out if your property does qualify you can check your Water rates notice and identify if the 'usage charges' are separately billed. This satisfies part b. Once you have confirmed this, if you aren't sure if the properties taps, showers head and hoses are water efficient you can do a simple 'bucket test' and measure the Litres from each tap in a 1 minute time frame. If the outlet produces less than 9L/minute you can qualify for water efficiency and pass the charges on to your tenants.
What seasonal period does your tenancy expire in?
This is important because depending on the locale it may be beneficial to have you tenancy end in a peak seasonal period for the area. For example a property located on the coast will have more interest during peak seasonal periods for the area such as Spring and Summer as opposed to Autumn or Winter. If you can make sure your next tenancy or renewal allows your lease to fall in these periods. This could mean more money in your pocket and reduced vacancy.
When was the last time a routine inspection was conducted at your property?
If it is longer than 6 months since the last inspection by yourself or the agent then you should schedule an inspection promptly of the property. This can be beneficial in identifying any underlying issues that the tenants may have failed to report. Maintaining your property and getting on top of routine maintenance can save you a lot of money in the long run if you catch them early. Prevention is always best. Most agents should be diligently scheduling inspections at least every 6 months.
Have you got landlords insurance?
Insurance is one of those things that when you don't have you find yourself really needing it - Murphy's Law as they say.... a lot of landlords find peace of mind in obtaining insurance to cover you for incidentals such as accidental damage, non payment of rent etc. Now more than ever our clients are thankful they took our suggestion to obtain Landlords Insurance due to the current pandemic as many of them were able to seek support under their current policy as a result of tenant financial hardship.
Have you had your Smoke Alarms checked recently?
In NSW the legislation states that landlords and their agents are responsible for checking the alarms in their property are in good working order and current. Failing to follow the legislation could lead to devastating consequences so as a rule of thumb every 12 months or when the tenants lease expires and you renew it or have new tenants move in, you should check your smoke alarm battery, change it if necessary and check the alarm is not expired.