Have you ever had random unexpected rental property costs come up as while trying to move someone into one of your rental property locations in Melbourne? Preparing yourself for the various unexpected rental property costs that may arise will help you plan and provide a better estimate in terms of move-in schedules and budget the funds needed for your investment. The following will discuss the various elements we have found that might come up when you are attempting to start up your property investment:
Cleaning can drive up some large unexpected rental property costs both directly and indirectly. You should put yourself in the renter’s shoes to make the right decision regarding cleaning expectations. Ask yourself if you would move into your rental property. This question can help determine if the place is clean enough that you would trust your own family to live in. If renters move in and see that a home isn’t well cleaned, it can lead to a bad initial impression about you as an owner and of the property itself. They might ask that certain demands be met, or they might leave it as it is but treat the property with less care and respect as they are only adding to the value of the property that they first perceived it to be, which can lead to damages like dirty or stained floors, pest problems, and additional unexpected rental property costs.
To solve the cleaning cost, you have two decisions to make. You could hire a professional cleaning service that can aid in all the deep cleaning and ensure that everything is in order before you have your tenants move in. Another decision you can make is to do the cleaning yourself. However, cleaning can be laborious and expensive in finding the right equipment and materials. Additionally, your efforts as a property owner in Melbourne could be better spent in other areas where a higher time value would be present.
Do a home inspection to ensure safety for the tenants. Mold can be dangerous, cause health issues, reproduce rapidly, and cause damages to the home, which can drive up unexpected rental property costs if it is not properly handled. The secret to finding mold is finding where it tends to produce – areas of extreme moisture. Perform a thorough inspection and search for areas that have low air circulation, high humidity, and leaking pipes or appliances and find the dark spots or wet parts. You could also hire an expert to do thermal imaging to find the high moisture areas or to take an air quality sample.
The key to avoiding mold costs in Melbourne is moisture control. Tell tenants to run the bathroom fan after showering to ensure proper ventilation. Make sure leaky faucets and pipes are quickly attended to. Also, make sure your gutters are cleaned out and the water drains are directed away from the house to preserve the foundation. Fire hazards can also be another topic of consideration, which you can read more about here.
Structural damage is whatever can affect the long-term structure/core of the home. This includes the foundation, roof, and support beams/walls. Windows and door frames can be a signal of the overall integrity of the home if they are sagging or be tilting away or against the home. Cracks in the foundations or wood, hard-to-open windows or doors, pipes, wires, insulation, and rust can all be indicators if there is something that needs attention in order to maintain your home for long-term use.
If structural damage isn’t attended to, it can be enormously pricey as the home may deteriorate or diminish. Before a tenant moves in, checking for structural damage can be effective in ensuring your investment preserves its quality. The sooner you repair something, the better, as unexpected rental property costs can add up over time.