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.