One thing that doesn’t get talked about enough in property investing is maintenance.
It’s part of the game.
Sometimes it’s annoying.
Sometimes it’s expensive.
But if you’re a landlord, it’s something you simply have to factor in.
Let me give you a real example.
I had a set of external doors that were constantly exposed to the weather. Over time the exposure started causing damage. Like many investors would do, I initially tried the short-term fixes. Small repairs here and there to keep things functioning.
Eventually the doors had to be replaced, which cost around $1,500.
But the problem didn’t stop there. The underlying issue was still the weather exposure, so replacing the doors alone wasn’t going to be a long-term solution.
At that point I had to start looking at more permanent options. The possible solutions ranged anywhere between $2,000 and $12,000.
Some of the options included:
- Adding an awning
- Replacing the door frame
- Building a patio
When you’re faced with expenses like this, it’s always tempting to choose the cheapest option. But with investment properties, it’s often worth stepping back and thinking about the long-term outcome rather than just the short-term cost. In the end, I invested around $12,000 to build a patio.
Yes, it was a bigger upfront cost, but it solved the problem properly. It protected the doors from the weather, added value to the property and created a much better outdoor space for the tenants. They can now enjoy the deck even when the sun is beaming or during light rain.
On top of that, it’s also a depreciable asset, which provides additional tax benefits.
The reality is that maintenance will always come up when you own property. It’s not ideal, but it’s part of the bigger picture. When you look at the long-term benefits of capital growth, rental income and owning a tangible asset, these costs are simply part of the journey.
One final point that’s worth mentioning: cash buffers are essential. Having funds set aside helps protect you from unexpected repairs and ensures you’re not forced into making short-term decisions when issues arise.
Because when it comes to property investing, preparation and long-term thinking always win.