There are many benefits to having a competent DIY enthusiast in the home these days. DIY has proved a very beneficial area as many people find it cuts costs, as long as the job is done properly. However, there are those who have undertaken a DIY project and found that something has been done wrong or something disastrous happens, and then DIY is no longer saving you money, but costing you more than you anticipated.
There are some investment property owners who like to take care of repairs themselves in their rentals as they find it cuts costs. This may be all well and good in their own homes but there are some areas that DIY should definitely not be attempted, especially in a rental. The property experts at Prudential Real Estate know itís best to hire a professional, every time.
DIY jobs to avoid
In any home, whether it is a rental or not, certain things should not be carried out by just anyone who fancies themselves as being a handyman. Building a bookshelf or repairing a hole in the wall is one thing, but repairs to items such as electrical switches or plumbing should be left well alone unless the repairer is fully qualified and insured.
Tenants and income to consider
Repairing big jobs such as electricals or plumbing without the proper qualifications is a dangerous game and can easily become a nightmare. Aside from the obvious danger to yourself where electrical items are concerned, plumbing and electricity are not cheap items to fix if something goes wrong. Having these items repaired professionally, and correctly, the first time, saves money in the long run.
Where tenants are concerned, they have legal rights to have functioning electricity and plumbing facilities. This means, time is of the essence. If you even have the knowledge to carry out the repairs, you most probably donít have the time. And if something goes wrong, you potentially upset good tenants by rendering them without these facilities for a longer time than necessary.
Investment owners best to stay way
There is a level of privacy that tenants are entitled to and want when they rent a property. It is always best that property owners remove themselves from the picture so tenants do not feel their privacy is being infringed upon or that they are not being left to quiet enjoyment of the property.
Prudential real estate have been effectively managing rental properties for many years and have the knowledge, time and connections to ensure your investment has repairs carried out in a timely fashion that is as cost effective as possible for you.
If you want to find out more about repairs in rentals and the most reliable property management Ingleburn, visit Prudential Real Estate online at website.
Owning a rental property brings great responsibility to the owner. The intended outcome of owning an investment property is to make money. Good solid property management is a must to ensure that the running of the property is well administered and that reliable tenants are in place.
Unfortunately, some tenants can slip through the cracks or something can go wrong with the property that is caused either unintentionally by someone or intentionally by the tenants. Injuries can occur on site too and the owner is liable; this is why it is highly advised that investment property owners should make enquires about having landlord insurance taken out to protect their biggest asset.
Landlord insurance will offer peace of mind to property owners so that in the event of anything unforeseen happening, they can rest assured that they wonít be out of pocket. Of course, the terms and conditions and what is covered will vary from one insurer to the other, but here is some basic information you may find useful.
Donít Think You Donít Need it
An investment property should be treated as a business. Everything relating to it is ultimately the responsibility of the owner and it would not be wise to treat such a role lightly. Even if your tenant is a friend or relative, never assume that all will be well if things go wrong. Often things can turn sour between relatives and friends in such situations so itís always good to be covered.
What is Covered?
As mentioned, what is covered can vary between insurers but as a general rule the following is usually included in landlord insurance:
1. Any damage or vandalism caused by tenants.
2. Accidental damage or loss caused by the investment property owner.
3. Events such as lightning, storms, earthquakes, theft and fire.
Some companies may only cover a stipulated dollar amount chosen by you or offer complete repair or replacement; it is advised to do some searching to compare what is on offer.
Extras to Consider
Legal liability is always a good extra to consider. This means if someone slips on a stairwell that results in an injury and you are found liable, their medical expenses will be covered.
Rent insurance is a must have, in the event that your property becomes unliveable for a period of time or if a tenant defaults on the tenancy agreement and doesn't pay rent, you wonít be left high and dry.
If you are a rental property owner, the chances are that you would want to keep expenses on your property as low as possible. It is this goal that leads some property owners to attempt do-it-yourself (DIY) on repair and maintenance works in the rental homes.
Not all repair and maintenance tasks can be handled by a property owner, however. Repair works such as complicated electrical and plumbing must be entrusted to the hands of licensed professionals only. There are dangers that could result from the mishandling of electrical and plumbing works.
Aside from the possible dangers, it is also possible that you could be charged for illegal work if you handle some electrical and plumbing work. There are certain plumbing and electrical tasks that are strictly to be done by licensed professionals. As a property owner, you should be careful about fiddling in repair works that are beyond your capacity.
What Tasks Can You DIY?
As a property owner, you are free to carry out repairs on the property, provided that they are simple tasks. For example, you can change the shower head in the bathroom, or you can also replace a washer in the tap, or replace the faucet.
If the task is the mere installation of light bulbs or garden lights, then this can be done by the property owner. It is also safe to perform other simple tasks such as installing a smoke detector that runs on batteries.
Let Professionals Handle It
Although it is possible to find helpful guides that will help you fix some electrical and plumbing problems in your rental home, it is still not a very good idea to risk it. First, there are the potential dangers that may happen if you make mistakes in the repairs. If you do not make the repairs correctly, it might cost so much more than if you had hired a professional to make the repair in the first place.
Problems with electrical wirings, electrical boxes and breakers should not be messed with. These should be inspected and fixed by duly certified electrical technicians. The same goes for plumbing systems. Unless you are only trying to see if a plunger can unclog the drain, it is best to leave plumbing and sewage issues in the hands of professional plumbers.
Electrical and plumbing repairs can be monitored with the help of a reliable real estate Sydney service. If you are entrusting your rental home to Prudential Real Estate, you can be assured of regular monitoring of the condition of the property.
Prudential Real Estate (www.prudential.com.au) conducts regular inspections of the property and obtains repair requests from tenants. From there, it should be easy to determine if the repair requires the services of licensed electricians or plumbers.
Buying a new home is always an exciting event. It is one of those emotional experiences that never fade, even for people who have bought and sold property many times over. It is also an opportunity to take a different path, meet new people and possibly forge new friendships. It can also be fraught with anxiety and frustration, if a few simple steps are not followed. By all means get excited with the prospect of finding the ideal property, but temper that with caution. This is not the time for impulse buying, or rushing into the first deal on offer.
Does the Budget Match the Buyer's Expectations?
Having a budget figure in mind is a good place to start. Rather than waste time looking at properties outside the budget, buyers should speak to a lending institution or mortgage broker to find out how much money they can borrow. Those who donít have a mortgage broker can get some idea by putting some figures into an online loan calculator. Most lending institutions have them on their websites and this will give a close estimate of what can be borrowed.
The next step is to approach a real estate Sydney agent who will guide the buyer through a process to find out what type of property would be suitable within the specified price range. It would save much time and frustration if some thought had already gone into this. Agents tell horror stories of buyers arguing in their offices because they havenít discussed their wants with each other in detail, as well as which features are not negotiable. This last point is very important. Most people can compromise over some features to secure a desirable property. However, there will always be a few items on which neither party will budge. These need to be identified at the very start.
How to Make Sure Everyone is on the Same Page
Once the buyer has a price range and a clear picture in mind of the ideal property, the agent will have something to work with. A good agent will ask questions to establish that the picture in everyoneís mind, including the agentís, is the same. Now the agent can search the agency listings to match the desired property with what is already on the market. If this preparation is performed well, it is possible to find the buyers their ideal property after only three or four inspections and, at a maximum, ten or twelve.
Now that the buyers have chosen their new home, they should discuss their offer with the agent who will have a reasonable idea of the price the seller will accept. Most times, the price is negotiable, but the amount of movement the seller will accept will vary greatly from one sale to another. However, with a figure verbally agreed upon, the agent will now present the seller with an offer, preferably in the form of a contract of sale with an accompanying deposit.
If all goes well, the offer will be formally accepted. Many agents can also assist buyers in sourcing their loans and recommend a professional conveyancer to prepare the transfer documents and arrange settlement. If you would like more information about buying a property and how a good agent can help, click here. With a little planning all the anxiety and stress will disappear and allow the buyers to experience first-hand the excitement of securing their first property.