Preparing your Investment Property for the Holidays

There are a number of things to consider if you own investment properties:

Maintenance Requests

It is not uncommon for tenants to lodge maintenance requests heading into the Christmas period. The unfortunate thing being many tenants have huge work commitments and are time poor, therefore last minute requests are not unusual. So, if you are a tenant, it is highly important to be proactive about your requests or unfortunately be willing to accept the requests may not be adhered to prior to Christmas.

Advise Property Manager if Going on Holiday

It is incredibly important to keep your Property Manager advised if you are going to be uncontactable for a period of time and provide your instructions in relation to handling any items that may be raised by your tenant to avoid last minute stress for yourself, tenant, tradesperson and Agent!

Proactively Tackle Issues

Landlords may want to consider being proactive about issues that could arise such as roof leaks (arrange gutter cleaning), heater/air conditioner breakdowns (arrange servicing) or any minor outstanding items that may require attention. Being proactive can sometimes avoid the headaches at the worst time of the year when you should be relaxing.

Arrange Gap Mortgage Repayments

You may also want to consider arranging gap mortgage repayments should they fall over the holiday period. It’s amazing how banks have clearance days for payments to be made to clients, however swiftly deduct mortgage payments from your account any day of the week, public holiday or not! This has regularly lead owners into hot water if a solution is not considered well before the issue occurs.

Act Quickly if Property is Becoming Vacant

If your property is becoming vacant over the Christmas period, initiate discussions with your Property Manager well in advance to ensure your legal requirements are met within the specific time frames. Final inspections must be conducted in a timely manner, and your managing agent should ensure they have the correct staffing structure to cover any occurrences over this period.