Repairs & Replacements - how much should I spend?
Just like at your (and my) home, from time-to-time things break down or wear out at your investment property (The fridge ay my house broke down in the days leading up to Christmas last year) and need to be replaced.
When unfortunate situations like this happen, quite often my landlords will ask me “should I just replace it with a cheap option”.
My response to them is to always purchase the item which you would be happy to have in your own house.
Budget is always a consideration but often going the cheaper route will result in more maintenance costs and can significantly reduce the amount of time before you will need to replace it again. It can sometimes be a bitter pill to swallow but when it happens at my investment property, I try and remind myself that every dollar I spend, is a dollar that can be claimed as an expense in my next tax return!
Tip – Once you have replaced something like an air conditioning unit, dishwasher or hot water system, make sure you contact your quantity surveyor or accountant to make sure it is added to your depreciation schedule – this will save you even more come tax time.
QPC Property Rentals has relationships with locally based trades, often with preferred supplier arrangements to if something does breakdown at your investment property (or your own home) then you can have piece of mind that will be repaired/replaced by a trusted partner for the right price.