Do-It-Yourself Repairs by Property Owners Fraught with Danger

Owning a rental property is an excellent investment strategy for those who want to secure their future and build some wealth for their retirement. To do that, of course, the property must be earning an income. It is tempting for some investors to cut corners to maximise that income. The area most likely to suffer in this circumstance is property maintenance.

One of the ways in which some rental property owners try to cut their costs is to do many of the maintenance tasks themselves. If the owner is handy and experienced in doing minor repairs, or is perhaps a tradesperson, it might seem at first that there is nothing wrong with that. Putting a coat of paint on a fence or replacing some worn washers on the laundry taps doesn’t seem like a big deal, but there are other issues that must be considered.

Electrical and Plumbing Repairs Require Licensed Operators

Electrical repairs, for example, are restricted in a do-it-yourself situation. There is a limited amount of electrical work an owner is able to legally perform on their own property as provided under the Electricity Regulations 1997. However, an owner cannot connect the electricity supply themselves. An inspector must connect it, test it and issue the owner with a Certificate of Compliance if it meets safety requirements. Any other work not covered by these regulations must be performed by a licensed electrician.

As far as plumbing repairs are concerned, changing tap washers and some minor repairs are all that a non-licensed person can do themselves. All plumbing and drainage work must be carried out by a registered plumber. This is necessary to protect the health of everyone using the water supply. Imagine the consequences, for example, if an incorrect connection allowed a back-flow of polluted water into the drinking supply.

When rental properties are under St Albans Property Management, property maintenance is organised and managed by the agency under instructions from the owner. Harcourts Grenadier Accommodation Centre maintains a register of licensed and suitably registered tradespeople whom they have found to be reliable and whose work is of a standard that keeps the property well maintained. All tradespeople on their register also hold full insurance and liability cover.

Unauthorised Repairs could Jeopardise Property Insurance

This is another issue that sometimes, a do-it-yourself owner loses sight of in the quest to cut costs. Depending on the terms of the policy the owner has taken out to cover the rental property, a do-it-yourself repair, without any proof of competency such as a Certificate of Compliance may invalidate the insurance. If, for example, a fire was to result from an unauthorised electrical repair done by the owner, the damage may not be covered by insurance and they could lose the entire property.

These are the types of issues that Harcourts Grenadier Accommodation Centre and their team of professional property managers handle every day. Their property owners understand the risks and liabilities that could result from unauthorised repair work. For them the small amount of so

called 'savings' is not worth the worry or risk. They prefer to leave the maintenance of their valuable asset up to their agent and their testimonials at their website, are proof of their satisfaction with the service they are provided.

www.assetmanagers.co.nz