Renovations versus Repairs and Maintenance: A Guide for Property Investors in Brisbane

Renovations versus Repairs and Maintenance: A Guide for Property Investors in Brisbane

When considering expenditures on an investment property in Brisbane, it's essential to distinguish between repairs and maintenance and renovations. I often categorise renovations as improvements made to a property that result in an enhancement of rental yield or the creation of equity. On the other hand, repairs and maintenance are crucial for the ongoing upkeep of the investment property, ensuring it meets a tenantable standard.

When our Brisbane-based buyers' agents, known for being the best buyers agents in Brisbane, acquire a property, we prioritise conducting a comprehensive building and pest inspection. This inspection not only provides a snapshot of the property's condition at the time of purchase but also serves as a valuable tool for planning renovations or repairs and maintenance. Think of it as a to-do list. If this list reveals substantial structural issues or expenses beyond your willingness to invest, it's crucial to be aware of it upfront.

Many items identified in building and pest inspections can be attributed to typical wear and tear in any established property. While these may not be grounds for terminating a contract, addressing these issues is necessary for the property's longevity. We, as the best buyers agents in Brisbane, advise clients to carefully consider the work identified in the inspection and to schedule and budget for these tasks in the short to medium term.

Consider roof repairs in Queensland, for instance. These are not projects you want to delay, and addressing such repairs promptly is crucial. However, there may also be less urgent matters, such as internal paint peeling or a cracked tile in the kitchen splashback, which may not demand immediate attention but present future repair or improvement opportunities.

Additionally, property owners should view these maintenance tasks as chances to add value to their investment. One proactive approach is to set aside one percent of the property's value for annual expenses. This budget can cover unforeseen events like a malfunctioning hot water system, a failing air conditioner, or the need to trim trees. As the best buyers agents in Brisbane, we understand that having a buffer in your budget for these potential expenses is essential for sound financial planning.

By considering both immediate needs and long-term improvements, property owners can strike a balance between necessary maintenance and value-adding renovations in their investment strategy. Whether you're buying a house in Brisbane or looking for the best investment suburbs in Brisbane, our buyers agency in Brisbane is here to guide you through the process of property investment.

Head to our website to read more about our trusted process and get in touch.