No one likes spending unnecessary money on property repairs or maintenance, especially on investment properties. When you’re a property investor, the best way to avoid costly repairs and headaches is to stay on top of maintenance from the get-go. The benefits of timely building inspections don’t stop at keeping costs down, though: being proactive will foster positive relationships and mutual trust with your tenants, leading to longer tenancies and better care for your property by the people living in it.
In this article, we’re going to break down the reasons why regular and timely building inspections are crucial for protecting your rental property.
The rules for routine building inspections
Rental property inspections are different to Pre-Purchase Building Inspections. As the owner, you can only schedule routine inspections up to four times per year, and each time you must give tenants at least seven days’ written notice.
For non-urgent repairs, you are permitted to access your property as required, giving only two days’ notice to your tenants.
Here’s why you should make the most of all four annual routine inspections.
1. You’ll save money on repairs
First and foremost: when you nip maintenance issues in the bud, they don’t become bigger, more expensive repairs in the future.
Think of a leaking tap in the kitchen. If you act as soon as your tenants report the issue, the bill could be as little as $80 for a replacement faucet or washer, which would take an hour at most. If, however, you don’t address the issue for a few months, the issue could get worse. The leak could dampen wood surrounding the plumbing fixtures. All of a sudden, the bill is $800 and the repairs take a day or longer, disrupting your tenants and taxing your wallet.
The moral of the story? Schedule regular inspections and do them on time so you can deal with issues while they’re small and manageable.
2. Longer tenancies with happier tenants
Finding the right people to live in and look after your property is hard enough once. Why do it any more often than you need to? Addressing issues with the property quickly and to a high standard doesn’t just save you money on maintenance – it keeps your tenants happy.
When they’re happy, they’ll take better care of your property and trust you to do the same. This mutual trust will ensure you’ll hear about warning signs of developing issues before they become big problems.
3. Safeguard the condition of your property
Last but not least, keeping up with regular building inspections will ensure you safeguard the condition of the home.
Owners who do not have an open dialogue with their tenants often find the home in bad condition at the end of a tenancy because the tenants didn’t report maintenance and repair issues. If they don’t trust you to take care of the issues, they’ll stop reporting them, and may feel less inclined to treat your property with respect and care.
Lower costs, longer tenancies, and better care for your property: the case for regular and timely inspections is clear. Stay on top of your tenanted property’s building inspection schedule and get better returns and enjoy fewer admin and maintenance headaches all year long!
