Landlords have been urged to think twice before carrying out DIY maintenance on their property, as it may end up costing more in the long run.
According to Carolyn Parrella, executive manager of landlord insurer Terri Scheer, landlords often try to increase their rental income and the market value of a property by doing renovations or modifications themselves.
“With the rise in popularity of home renovation television shows, many landlords may be inspired to repair or modify their properties themselves,” Ms Parrella said.
“This may give the false impression that improvements to properties are achievable within tight timeframes and with limited building experience.”
Ms Parrella said that while it may seem cost effective for landlords to do the work themselves, a poor DIY job could mean more money spent to fix the repairs down the track.
“When considering renovating property, it’s always best to seek professional advice,” she said.
“It may also save you money in the long term if the project is completed to a quality standard.”
However, Ms Parrella reiterated that maintenance and repairs were important and delaying it could make tenants question their own commitment to the property and become more careless or consider vacating when the lease expires.
A quick DIY fix may also result in a costly legal liability claim for the landlord if injury or loss occurrs due to an unattended safety hazard, Ms Parrella said.
“By taking pride in your investment, showing concern for your tenants and responding promptly to maintenance issues, you can avoid this,” she said.