No matter how prepared and organised you are as a landlord, there are always unexpected costs associated with keeping your investment in tip-top condition. Whether it’s replacing a broken hot water system, repairing damaged gutters, getting slapped with land rates, or a shortfall in rental payments – it’s hard to have a plan for every possible scenario.
And while the tenant wants everything to be fully functional in the property they are paying to live in, the landlord generally wants to minimise the cost of maintaining their property as much as possible.
Then there’s the other factors that have nothing to do with tenants; like making improvements to your property through renovations, or the marketing costs associated with listing your property for sale.
The first thing you can do to prepare yourself for landlord repairs and maintenance right from the get-go, is to have a clear understanding of who’s responsible for what.
Who’s responsible for property repairs and maintenance?
This is always a touchy subject between tenants, landlords, and property managers. But by discussing the terms clearly and succinctly upfront, you can save yourself the headache of nasty arguments when something inevitably needs repairing down the line.
For the record (unless the contract states otherwise), landlords are responsible for:
- Ensuring the property is safe, clean, fully functional and fit for occupancy before the tenants move in
- Consistent compliance with building, health and safety laws throughout entire tenancy
- Repairing of electrical, water or gas problems
- Repairing doors, windows, ceilings, roofs and flooring that has deteriorated through general wear and tear or other factors
- Repairing damage caused by extreme weather conditions like a storm, fire or flood
- Things like battery changes and periodic smoke alarm checks
The tenant, on the other hand, is responsible for:
- Maintaining cleanliness and hygiene throughout the property during their tenancy
- Maintaining gardens, pools etc.
- Informing landlord or property manager of any potential arising issues (like minor water leaks and damaged gutters, for example) that could lead to bigger damages down the line
- Any damage caused by the tenants themselves
Budgeting for landlord repairs and maintenance
As you’re no doubt already aware, landlord insurance doesn’t cover the cost of routine landlord repairs and maintenance. Nor does it cover advertising costs when you list your property for rent.
Let’s say you receive a phone call from your tenant after a severe storm, explaining that there’s water damage high up on the living room walls, and part of the fence has collapsed.
You call your insurance company and after an inspection, they agree to replace the section of broken fencing. However, they inform you that the water damage is the result of clogged guttering, not the storm. As such, it’s not covered by your insurance.
You’re a little tight on funds right now, and the water damage is too severe for you to repair yourself.
What do you do in this situation? How do you go about budgeting for the costs that come with looking after your investment?
RealtyAssist provides a convenient and affordable solution to landlord repairs and maintenance
At RealtyAssist, we can help you defer landlord repairs and advertising costs for your investment property, so that you can be prepared for anything that pops up. We provide landlords access to funds, which can be repaid over 8 weekly bite-sized installments.
With just 8% interest on your funds paid over a 62-day period, RealtyAssist offers far better rates than similar products on the market. We have a variety of flexible repayment options available, including Direct Debit for peace of mind that you won’t miss a payment.
Landlords can gain access to their property repairs and maintenance funds as early as today, with $0 upfront. And finally, our process for delivering landlord repairs and maintenance advances is extremely straightforward.
Step 1: Have your property manager complete the maintenance request on RealtyAssist’s online portal.
Step 2: One of Realty Assist’s friendly professionals will process the request.
Step 3: We instantly pay your funds advance directly to your chosen agent.
Step 4: You pay us back the funds in several convenient, weekly installments.
RealtyAssist is entirely online, keeping things simple, safe, and secure.
Maximise the value of your investment property, with RealtyAssist
Don’t resort to a credit card for unexpected landlord repairs and maintenance – RealtyAssist takes the stress and headache out of all your property management needs. We can also assist with bridging loans, settlement advances, bond advances and vendor paid advertising advances.
For more information, call 1300 355 729 or email [email protected] and we’ll be happy to assist with your queries.