Buying an Investment Property - the Legacy of Bad Tenants and Owners
- Written by Andrew Mackintosh
Acquiring an investment property with a history of undesirable tenants and a former owner known for cutting corners can open a Pandora’s box of issues that may not be immediately evident. Potential buyers need to be extra vigilant. Face value inspections might miss the mark when it comes to uncovering the full scope of potential issues associated with such a property. From deferred maintenance and overlooked pest control to cosmetic cover-ups and potential structural issues, the implications can be costly. A thorough pre-purchase building and pest inspection, one that goes beyond the surface, becomes imperative to assess the true condition of the property. Here’s why!
Plumbing and Electrical Neglect
Makeshift plumbing and electrical solutions or deferred repairs to save costs can result in leaks, faulty wiring, or plumbing issues that may pose both immediate risks and potential long-term problems. Temporary solutions could lead to property damage and even mould growth, and over time, what initially seemed like a minor concern can escalate into a significant issue, requiring more extensive repairs and incurring higher costs.
Pest Control
Poor hygiene or a lack of regular property maintenance can leave a property vulnerable to infestations. Pests such as termites or rodents can cause damage that may not be immediately noticeable but can lead to substantial structural problems over time.
Tenant Damage
Not every tenant lives by a standard that matches yours and any bad tenant with a lack of regard for the property can leave a lasting impact. This may involve poorly patched holes in walls, neglected gardens, damage to curtains and carpets, and just overall general grime. Superficial repairs may conceal more significant problems that only become apparent upon closer inspection.
Cosmetic Cover-Ups
Cosmetic cover-ups used to mask issues temporarily are all too common. Whether it be poor painting to hide water damage, strategically placed furniture to disguise uneven floorboards, or temporarily creating a sense of ‘home’ in an otherwise neglected property, only a thorough inspection by a building and pest inspector will unveil these concealed problems.
Some problems resulting from a history of cheap maintenance may not be evident during a standard property viewing. A detailed inspection by professionals becomes crucial to identify hidden issues that could impact the property's long-term viability. Only then can you make informed decisions about your intended investment property's suitability and the potential financial outlay required for necessary repairs and improvements. Put yourself in the driver’s seat and be prepared with an independently prepared pre-purchase building inspection report.
About the Author
One in 26 Brisbane Homes Has Been Personally Inspected by Andrew Mackintosh.
After more than 20,000* Brisbane building inspections, Andrew Mackintosh is Brisbane’s leading advisor for home buyers and investors in South East Queensland. That’s an average of over one hundred^ inspections per Brisbane suburb. No matter where you’re buying, Andrew knows the area, knows the challenges, and knows exactly what to look for. In fact, chances are, Andrew’s personally inspected one of your neighbours’ homes.
Action Property Inspections is 100% Independent
*According to ABS, there are 520,000 homes in Brisbane.
^According to Brisbane City Council, there are 190 suburbs in Brisbane
