Property Under Siege! & What You Need To Know About Replacing Appliances
A REAL LIFE STORY
Last month on the Gold Coast in Qld a rental property was surrounded by police, an ambulance, fire trucks and special forces for more than 30 hours when a tenant was allegedly threatening to blow up himself and his rented house, resulting in nearby residents being evacuated.
As part of the stand-off police had to remove a section of the front part of the house.
The tenant during the 30-hour stand-off took a sledge hammer to the internal walls, windows and doors of the property, almost destroying the internal structure. This resulted in a repair bill of approximately $65,000.
We do appreciate that this is something that most landlords would not have to encounter… but what if it did?
This is a timely reminder to promote and ensure that all landlords have current landlord protection insurance to ensure that the property is covered for damage and financial loss.
Is your insurance up-to-date?
WHAT YOU NEED TO KNOW
It is all too common with rental properties that at some stage appliances will break down or simply cease to work.
As an investor it is important to be aware that it is your responsibility to maintain all fixtures, fittings and appliances within the property, and the tenant’s responsibility to keep them clean.
If the appliance forms part of the tenancy it must be maintained, repaired or replaced when required.
On occasions, investors have requested that the appliance be removed from the property and not replaced.
The tenant has a legal right to have the use of all appliances throughout the tenancy. If you do not wish to replace the item (and the tenant agrees) you will be required to possibly pay compensation for the loss of the appliance.
It is important to be proactive and budget in advance for these unexpected events and costs.
You may also like to consider renting the appliances for the property, which is a tax deduction, and you don’t need to worry about maintaining, repairing or replacing the item.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.