Lethal Mistakes to Avoid on Your 1st Property - Not accounting for maintenance and repairs

This is a common mistake many investors make, and it can ruin them.

Do you actually have any idea how much repairs and maintenance are likely to cost on the property?

How old is the hot water service?

Is there mould, a leaky roof, dodgy wiring?

Yes, you’ll have insurance to cover the big things and accidents, but that doesn’t cover a kitchen mixer tap slowly dislodging itself with normal use and leaking into the cupboard below, rotting it away.

As an investor, you must plan for all these worst-case scenarios with even greater care than when you own your own home, as the lease will likely stipulate that such issues must be repaired in a timely manner.

RealRenta has all the tools that a property manager has, but at over ¼ the cost of a property manager.

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Jason Gwerder
Thursday, 9 September 2021

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