Forum Replies Created
Thanks KP, I was really just curious.
See if anyone is making pots of money using this strategy in WA. It obviously is not too popular over here.Redwing, good one, I think I have seen them too.
[biggrin]Housesonly, this is a very good point you make.
I guess the dishwashes would not be the norm in an IP and would be in your more upmarket property?However, security is a high priority on the list and I suppose its trying to find the right balance etc. I have found that insurance companies require at minimum security locks.
Hi Yack, I reckon so…. fortunately the tenant I have now is great and a BIG bloke. Probably not an appropriate comment, but perfect for this area, if you know what I mean.[biggrin]
Security screens/bars – I would feel like I was living in a cage, and fire risk aspect is a serious concern, this is why I would not invest in this option.
I recently investigated security for a property as it was also broken into. Opted for window locks. Probably cheapest option, tenant happy. Will upgrade further down the track. Also security lighting can assist and make for a safer environment.
Just wandering in regards to alarm system do you need sensors in every room? this may be overkill, which will increase costs.
If you just happen to be in Perth PM me I can give you details/name of execellent company for alarm system. Prices competitive.
Also, I was warned to beware of cheap alarm systems, this is the last thing you need in a rental property. Alarm system constantly failing….[confused2]
Thanks PK, thanks for that info, I am very happy that we are converting. I have also been told that these gas bottles get stolen.. would you believe this!!!
Hi Kay
Did I think of flyscreens…………[blink] I dont have flyscreens on my own home.
Though I was told by the guy renovating that flyscreens are very important and they unfortunately all need cleaning. That’s my next job.
Cheers, MarisaThanks everyone for helpful replies.
Also, as I am purchasing new stove and hotwater which was connected to bottled gas, I have been advised to convert to electric. (Bottled gas can be very expensive so I am told).
Based on the fact that location is hot and dry most of the year – my updated priority list
1. Airconditioner
2. Heating
3. Clean functional stove
4. Hot water system (adequate capacity for family)
5. Security (locks and possibility security doors)
6. Low maint. garden.Also, was advised by insurance co. that they would not insure property unless I have locks on windows.
Cheers [biggrin]Hi Janette,
Welcome to the forum. Great to hear that someone from Perth is going over, though I wish it was me.
Cheers
Marisa[biggrin]Hi Melbear, this will be the second claim on this IP, due to the excess. Did not really consider possible premium increase due to claims!!!
Had two claims with another insurance company (GIO) they did not increase premium.
What is the point of paying insurance cover if you can never claim. Your dammed if you do and dammed if you dont.[blink]
diclem,
sorry statement not clear, will clarify, what I meant was I actually had a $300 excess on my insurance policies as a way of saving on my premiums.However, I infact lost money as a result of this implied excess. I have claimed a number of times, usually minor items ($100-250), ie broken window, damage to property caused by hot water system etc.
These items were all below $300 (over the last 2 years) therefore no point claiming.At present I have an accessor looking at water damage due to broken tile, estimate $150. If excess still applied repairs would be coming out of my pocket.
Maybe I have had a lot of bad luck with IPs, however from experience prefer to pay full premium.
Thanks all for help.
PK, will search and see what comes up.One thing I have learnt about taking out insurance is too make sure you dont have a hefty excess. To reduce costs had a policy with $300 excess, totally useless.
Thanks everyone.
Thanks Terry, I have never used insurance broker. I was hoping someone would tell me about this incredibly cheap insurance company that provided brillant service…. think I’m dreamin
Hi elika7264
We got a building inspection some 10 years ago for our house as there was some major cracking at the front of the home. Found out is was a water issue causing the problem. Get rid of the water, problem solved.
Unfortunately this is when the fun and games began, got an architect to view, than a structural engineer, followed by 2 builders – guess what… all came up with different ways on how to fix the problem.
Finally, we went with the least expensive option which made sense to us at the time – cost $3,000, however, lost a few nights sleep.
We have now totally renovated the house which is nearly 100 years. Fortunately no further cracks.
All I can say is make sure you only get one qualified person to look at the house, and perhaps a referral from someone may be a good idea.[biggrin]
Thanks everyone for great info, I am alot wiser now…..
I am going up there next weekend and will check out all suppliers and get costings on various options.[biggrin]Hi Derek, doubt the driveway would add any value whatsoever, though I imagine it would make it more attractive to a prospective tenant.
Hi Madinvestor,
as Kay stated “many investors spend big $ on repairs etc.” JOIN THE CLUB.I believe in the big picture, if I did not stay focussed on this I would not be able to get ahead.
Though stating this, I have recalled the many nights my partner and I have studied our liabilities and assets, what we should/could sell and what we should keep to make life easier. At the end of the day have found it very hard to sell anything.
We are negatively geared 50%, we have a business and therefore if the business does not make the expected profits we are in trouble.
I think you should give it your best shot and ride the ups and downs. Dare to be different.[biggrin] Good luck
Patrick, I have sand and weeds at present, was looking at tidying up the place. Good point you made. After completion of reno I will get property cleaned up and will then decide. Who knows, the best option may be to just leave as is. thanks for contribution, very much appreciated.[biggrin]
Its gotta be WA folks….. Hotrod we should rename you “HOTSHOT” you are a champion …
Yack, never heard of ashphalt, will look into this see if cheaper than blue metal.
Derek and Aceyducey, thanks for tips. Another question, will weeds grow through this stuff. Silly question, but couldn’t think of anything worse….[eh]
Thanks Hotrod, congratulations, I’m impressed considering only 5 positive properties – that aint bad.[exhappy]
