When working on your investment property there are a lot of things you may be tempted to do yourself, but it pays to stop and ask: “Is it worth it?” Sometimes the cons outweigh the financial saving, and some tasks are simply best left to the experts.
Ask your Property Manager to source quotes for the work. There will be no obligation to go ahead, but at least you will have the full picture when making your decision.
DIY
Some repairs frequently come up with investment properties that can be done relatively easily and cost effectively yourself. They include fixing tiles and handrails, painting, replacing blinds or curtains, fixing fences, mowing, landscaping and cleaning.
The Experts
Some jobs should be left to the experts. Not only because they’re a safety issue, but you could be at risk of breaching legislation if you attempt them yourself.
These include major plumbing repairs, major electrical repairs and smoke alarm installation and/or replacements.
Other points to consider are:
- By having a certified tradesperson on the job, you will get peace of mind that the work is done correctly, and in most cases it should come with a warranty.
- For smaller repairs the invoice is viewed as a deduction at tax time, while the larger expenses can be claimed as depreciation.
- The internet is your friend! YouTube has thousands of DIY videos. You can find local companies that offer short term hire of appliances like floor sanders.
- Many improvements can add value to the property and offer a better rental return – so don’t hesitate to ask your property manager for advice.
In the end, it comes down to more than money when weighing up DIY work.
It is an investment in time and a commitment to doing a professional job.