Building and Pest Inspections for Investment Properties



You might think that if your property is managed that your worries are over, well, are they?

It is true that a good property manager in conjunction with a good tenant can make investment property ownership easy.

What else though should you be considering to make sure that your investment is protected and you aren't at risk of non compliance under you landlord insurance.
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If you had a bad toothache would you go to a Doctor or a Dentist?
Most people would say that you should go to the Dentist, in fact if you went to the Doctor they would most likely refer you onto the Dentist.

Why?

We all know the Dentist is a specialist in teeth so they are the best person to help you with your bad toothache. The Doctor would most likely put a light into your mouth and on inspection could see that you had tooth decay, but the doctor wouldn't have the specialist equipment or the specialist knowledge to know that you have an abscess or require a cap to protect a brittle tooth and the Doctor can’t repair your tooth as he has neither the knowledge or equipment to do so.

So how does this relate to your investment property?
Your General Practitioner of Property Management.
Think of your Property Manager as a general practitioner working in a small country town.

If they are experienced they will have a tremendous breadth of knowledge about the things to look for and the methods to manage the risks posed to your property.

In much the same way as you get a general check up from a Doctor your manager will inspect your property usually 4 times a year to keep an eye on things.
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They will also assess things that the tenant needs to modify in their treatment of the property and will give feedback to the owner about what maintenance needs to be done both immediate or preventative.

But your property manager is not a Building Inspector and they aren’t a Pest Inspector, and most likely your tenant isn’t either. So what does that mean.

It means your investment property could be at risk of things like;

  • Termite Invasion.
  • Structural fault causing further damage.
  • Out of Code Features.
The Expert Alternative
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A yearly inspection from a licensed Building Inspector means that someone with a building license is looking over your home and mitigating your risk. The inspector is also insured which adds another level of protection for you as an owner of the property.

Likewise a licensed Pest Inspector will check you investment property for termites and other pest species and also make recommendations as to how to protect your home from infestation.
Because it is an investment property the cost of these inspections will be tax deductable against the income of the investment property.

At Cream Property we recognised the benefits to our clients of adding this additional level of protection for their investment properties. For this reason, we sat down with Building and Pest providers to see how we could work with them to reduce the cost to our clients of the inspections.
This is what we come up with.
When you purchased your property you most likely had a Building and Pest done as part of the contract so there wasn’t much flexibility available on the timing.

Annually the volume of residential sales generally fluctuates throughout the year and there are times when Building and Pest Inspectors aren’t as busy, so by working with them to perform an annual inspection during these down periods we can get a better rate for our clients. It is a win win for both our clients and for the inspectors.
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If you feel that you should get a Building Inspection for your investment property, contact us to take advantage of the competitive rates we have negotiated.