Invetment property inspection requirements

Hi all,

A couple of months ago I bought an investment property (house) in Sydney. Building and pest inspection done prior to purchase.
Yesterday, the real estate agency which manages the property for me sent me a letter which says:

"It has come to our attention that your investment property is due for its regular routine inspection
and as per the Department of Fair Trading rules and regulations we are required to inspect the
property at least once per year with a maximum of four times per year"

It further explains that a PDF file report will be issued etc etc, but no price is mentioned.

Are these inspections required? At what price?

Thanks

Milo

 

In NSW these periodic inspections should be done by the real estate agency for free as part of the service they provide for the fees you are paying them to manage the property. (But check the terms of the contract you have signed with them).

They check if the tenant is looking after the property and if any repairs are required or if there are any issues that will need to be addressed in the future.

 

Should be free

Check with your property manager though

Cheers

Jamie

 

I don't think there is any minimum number of inspections required.

 

The building and pest inspection is different to the agents routine inspections that determine how well a tenancy is going.

The cost will be in your agreement with the agent

 

In Ballarat its approx. $550 and when you read it beware that it may shock you as it is warts and all reporting. It can certainly take the shine off that investment property instantly.

 

Property managers do regular routine inspections as part of the ongoing management of your tenancy. They are generally included as part of the service, but sometimes you can be charged a fee which will be detailed in the management agreement you signed with them.

Generally the inspection is visual to check for breaches and other issues and you should get a report with photos.

The way your agent has worded it sounds quite strange, as it almost sounds like they have sent the tenant letter to you by mistake. There is a maximum of 4 inspections per year (to limit tenant disruption) but no minimum.

 

Its in the agents best interest as well to do an inspection.

Reduces the chances of huge surprises

Eg tenant isnt living there any more, isbgetting, drug houses, pets, vandalism, unapproved modifications

 

It sounds like they're trying to convince the landlord that they really must do the inspections Who wouldn't want their inspections done!?