o many property investors I meet and talk to don’t grasp the concept that property investing is a business and first and foremost, should be run like one. Your revenue is your rental income and expenses are your mortgage, property management fees, rates and property maintenance. This will leave you with either a profit or loss dependant on how you run your business. When buying a property, maintenance should always be factored into your costs on an annual basis. This figure may range from $500 for a new home with a builder’s guarantee where you may simply have gardens to maintain or trees to be trimmed: or simply an annual gutter clean and house wash. However, if your property is an older dwelling, there will most definitely be more maintenance on probably all aspects of the property, at some stage. So how do you prepare and plan for annual maintenance and budget for those cost accordingly? I recommend that you either carry out an annual maintenance check on your property yourself – Branz produce a fantastic publication called” Maintaining Your Home”. Those of you who are of a DIY nature will find everything you need to prepare and plan maintenance of your investment properties inside, with clear guidelines and which jobs you should and shouldn’t take on and why. For those of us who prefer to leave it to the experts, there are many companies such as ours who will provide a detailed report for as little as $169 which you can then tell us to plan your maintenance and budget based on professional advice in regard to timeframes...
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