Sanctuary Point - IP Settled - Numerous items that need to be fixed

Recently settled on my 5th IP in Sanctuary Point. Before I continue, this is probably the worst purchase I have made in my investment journey, but before I diverge, the purpose of this post is to provide a guide of the cost of items that need to be repaired before it can be rented out (hopefully it will provide some guidance to other investors on the costs of repairs & indicator of the ease of engaging tradies). I'll post the details of the purchase in a separate thread and describe what made this purchase so crap (that post will hopefully educate other investors on avoiding the mistakes I made).

Anyway, the list of items so far include:

• Replacement of cracked lounge room window
• Significant portion of the fencing needs to be replaced (termite infested)
• Drainage from how water heater needs to be modified
• Missing man-hole cover
• Reattach garage ceiling ... seriously WTF?
• Repair roof tiles
• Upgrade electrical switch board to new standards
• Minor repairs include replacing bathroom exhaust fan, leaking taps, resealing tiles.... to be expected

The settlement takes place on Saturday (21st) and I'll be making the trip down from Sydney and should get a rough idea of the costs involved (the PM and a local builder will be involved in the inspection). Will keep you all posted.

 

Most should have been evident in a P&B inspection and a buyer walk through.
None of it is tax deductible as all are initial repairs.

BTW termites dont just eat fences. They dig underground and often pop up and also eat fences on their journey.

 

Congratulations on your purchase. If the repair work gets you better rent and room for CG I think it'll be worth it. A bit of polish makes it shine.

 

Hi PCers,

Here is a quick update on the cost of repairs so far, hope this information may be of use to other property investors:

• Plumbing repairs - $258.50
• Carpet cleaning - $310
• Roof leak - $150
• Cracked window - $173.80
• Upgrade of electrical board - $407

Other recent issues that have cropped up include:

• Fence palings falling down
• TV antenna and aerial no longer works

 

These seem like standard repairs and not that expensive.

Have the termites treated ( dusted) before replacing the fence. You don't want them to get closer to the house by disturbing them.

Won't you get the vendor to pay for the glass if it wasn't cracked at purchase; ditto the manhole cover?

It is not uncommon for garage ceilings to detach, apparently. And that sounds cheap for a switchboard upgrade - I paid $880.

 

Agree. Minimal expense. Phew

 

That's it?
Here I was expecting costs of $30k upwards.
Didn't even crack $2k.

Its not worth stressing the little things.

 

If 2k in repairs is your worst investment ever, then you are doing pretty well