How much could failing to maintain a property cost you?

How much could failing to maintain a property cost you?

Whether you own commercial property or residential real estate, maintaining your property is all part and parcel of the process.

Despite this, too many Australians end up having to take out a significant additional home loan because they failed to catch their maintenance issues early. Let’s take a look at how much this kind of oversight could truly cost you.

Water damage: $10,000 or more

Noticed any bubbling paint or suspicious dark spots in your walls? Perhaps you’ve even have roof leak problem. It might be tempting to just set up a bucket and hope that it stops on its own, but these little discrepancies are tell-tale signs of water damage.

Archicentre estimates that about one in three homes suffer from minor water damage, and one in 25 have issues that will cost more than $10,000 to replace. Catch these problems early, or expect to have to shell out the big bucks to fix it!

House rewiring: $5,000 to $10,000

Has your property had minor electrical problems? Lights winking out, appliances not starting up, that sort of thing? If you know that your bulbs are good and that toaster is new, then it might be your house to blame. It could be tempting to put this kind of issue off and blame it on a quirk of the house, but that negligence could cost you a tidy sum if it eventually requires a total rewiring.

Furthermore, this is actually a conservative estimate: Fire and Rescue NSW estimates that 350 house fires a year are the result of electrical failures in NSW alone. Replacing an entire property is going to cost you a lot more than $10,000.

Termite removal: $5,000 or more

Termites are a constant of the Australian landscape. Everybody knows someone who has a termite horror story, perhaps even gone through it themselves. However, these little critters can be sneaky beasts, hiding in your woodwork for years without your knowledge.

This is why a thorough inspection schedule is so important if you don’t want to have to speak to increasing your home loan for repairs. Termites can cause huge amounts of damage, and removing them alone can cost $5,000 or more for a professional service, according to Archicentre.

Look after your property, and your property will look after you. However, you can’t always predict what will happen, and you might find you need some additional financing to sort things out. If that’s the case, make sure you get in touch with us and ensure you are getting a wide range of appropriate loans.