Is my property maintenance falling behind? Countdown 3 to wealth-creation webinar
Keeping your investment properties in top condition makes sense from a cost-control and tax perspective.
And quality tenants are drawn to well-maintained properties. Ongoing maintenance is usually tax-deductible. However, Paul Banister of accountants Grant Thornton warns: “If you let a property run down, the larger expenditure needed may be a non-deductible capital cost.”
As property manager of more than 300 investment properties across 100 Sydney suburbs, Bernie Mitchell advises clients to place a strong emphasis on maintenance.
“The condition of a property plays a big factor in attracting the right tenants,” says Mitchell, managing director of Focus Property Management.
Mitchell suggests that landlords plan well ahead to undertake regular maintenance. Typically, regular maintenance work is recommended at the end of a lease or every 12 months.
“By planning ahead, we try to ensure that the client has a buffer of funds to pay for the maintenance; large expenses shouldn’t suddenly pop up.” A property often simply requires a fresh coat of paint and new carpet.
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