AMA VICDOC Autumn 2024 - Magazine - Page 47
L
et’s start with the most important item:
ensuring you’re protected should a
costly incident occur.
The long break brings seasonal risks.
Our hot summer climate can ruin
investments: think bush and grass fires, violent
hailstorms and flooding. There is also a change
in human routines in summer which can make
properties vulnerable to crime: homes left
vacant for weeks, and windows left open.
It’s not exciting but check that the
appropriate insurance policies are in place. It’s
a relatively simple exercise if you own an asset
such as a house where there isn’t common
property. The rental provider insurance should
incorporate building cover, contents cover for
fittings and furnishes owned by the investor
and public liability.
With apartments, there is a division of
responsibility. The apartment owner is
responsible for contents insurance, whilst the
owners’ corporation takes care of building
and public liability insurance. Nevertheless,
it is prudent for a unit owner to check with
the owners’ corporation manager that these
insurances are in place and based on a recent
valuation of the buildings.
Note that damage to permanently attached
fittings such as kitchen cabinetry, gas ovens,
sinks, baths and toilets is usually covered by
the owners’ corporation building insurance,
rather than content insurance.
Be warned that policies do not typically
cover upkeep nor accidents caused by poor
maintenance — say damage to a wall due to a
lack of sealant in a shower.
That’s one reason to also check in with your
property manager as well in the coming weeks.
Find out if there are any pressing
maintenance issues that need addressing
before the break and what procedures they
have in place for dealing with out-of-hours calls.
FOR MORE INFO:
(03) 9859 9595
WAKELIN.COM.AU
It is also worth suggesting that they write to
your renter about security of the property over
the break if they are going away — ensure the
building is locked-up, and that arrangements
are made to ensure mail doesn’t build up and
bins are not left out.
You may also fear that a renter gives you
notice to vacate in coming days. Don’t fear.
It would not be bad news as January and
February are typically a good time of the year
to find a new renter; however, not so to find
tradies. Like the rest of us, many tradies take
holidays in early summer, and those who are
willing to work will charge a premium to do so.
This makes it crucial that any required
maintenance or repairs are carried out before
the break, or at least the due diligence should
be conducted to ensure maintenance can hold
off until after the holiday period.
It’s worth taking the time to run through
any potential problems. While some urgent
repairs can’t be predicted, it is often possible
to spot signs of wear and tear that point
towards problems ahead and which could
pose a frustrating incursion on the renter’s
accommodation requirements and your
holiday time.
Work with your property manager, who
can check in with your renter, to identify any
prospective issues that can be dealt with
before the festive period such as landscaping
and garden maintenance, as well as ensuring
smoke alarms and security aspects are all
in working order. Other areas might need a
contingency plan put in place.
Whatever the issues, once they have been
flagged and accounted for, you’re giving
yourself, the renter and property manager,
the best possible chance of a restful festive
season and summer break ahead.
—
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