Landlord Series 09 – Repairs & Maintenance
Hi Brian and David here from Bugwash Property. David, I’ve got a question for you, mate. I’m a landlord and I’m getting these phone calls from my property manager constantly, repairs and maintenance. Every month, every quarter, every year, it’s just unexpectedly more money I’ve got to dish out on these repairs and maintenance. How do I stop this from happening?
Don’t we love those phone calls. Well the first thing to look at is how old is your property. Cause once your property gets, well, after the, if your property is more than seven years old, for example you can’t claim depreciation on fixtures and fittings anymore. Once your property is over 40 years old you can’t claim depreciation on the building. As properties get older and older, the depreciation gets less and less and the repairs and maintenance get more and more. So sometimes you just have to sit down and just look at the big picture and say well, has the time come where it might be better off turning over this property and replacing it with a newer one, less repairs and maintenance and more tax deductions. Other than that it’s a matter of making sure that you don’t, that you do your research when things come up and you don’t just accept the first quotes here and there, sometimes you need to get two or three quotes, and sometimes you can say no to certain things. I’ve had tenants that moved into some of my properties in the first month they’ve asked for things like a pool. So you don’t necessarily have to say yes to all the demands either, but one of the good things to do is look how old your property is and maybe think about the possibility of turning it over. Thanks guys.