Renovation and Maintenance - idea of a well-kept property

Hi All,

Recently I've just successfully acquired my first IP in Marrickville, Sydney
still in the 6wk until settlement

This property is quite old (around 100yrs) and as I'm quite new to Property investing, there's a voice in my head keep ringing "Reno, Maintenance, Repair, costly, Reno, Mainte..."

Any ideas where should I start? (professional, books, experts, mentors, courses,etc...)
How can I keep a well-maintained property? I don't want some hidden minor issues undiscovered until it becomes big and expensive!

Should I trust a good PM to take care and advise on renovation and maintenance/repair work?

 

Tenants and pm have no incentive to hide issues.

 

Hi, congrats on your first IP, Marrickville is a great area - lots of improvements, plenty of desirable cafes/areas, great resident mix. I just recently rented out a property in Marrickville and had some excellent applications.

I've dealt a lot with Victorian older properties (including full renos of a handful), but really there's limited 'hidden' issues. Did you do a building inspection when you bought the property? As an IP you really want to tenant it asap and see if your PM is proactive enough to advise on potential issues eg waterproofing, leaks, damp, pests, rot etc

If you can find a good PM then they will be able to partner with you on any maintenance/repairs.

 

Couldn't agree more, I'm reading as much as possible and found that when it comes to property repair and maintenance, both tenant and PM are quite active
More concerned about preventing expensive issues before it happens (perhaps if that possible: scheduled maintenance/building inspection?)

Sound great! good to know there's someone with hands-on experience.
You're right, my concern is really about keeping a well-maintained property, and renovating just enough based on tenant's taste. So yeah I do have a building inspection (B&P report) done

I'm lucky enough to have my BA's assistance and arranging an inspection with a local PM to see if there's something can be improved. However, my concern about well-maintained property isn't answered (that's why I'm here for some hours spent reading and asking for help)

 

I'm not sure that the 'local PM' would be an ideal long term PM to assist you if they're not really able to answer your concerns, particularly as maintenance is quite a key aspect. A great PM will be able to pre-empt certain issues and strategise with you on the best way to spend your funds to add value or maintain your asset.

 

Both have an incentive not to create work for, or inconvenience to themselves.

 

With any Reno, particularly an IP make sure you know the difference between what’s necessary and what’s nice to have. Read the building inspection and deal with any structural and safety issues. Have a look at other rentals in the area so you have an idea of what the rental return could be as well. Determine how much time it will take and double or triple it. I don’t own a really old property but have reno’d a couple over the years. Good luck!