Maintenance budgets for Landlords
Find out why a Landlord maintenance budget is essential for all Landlords. Read More…
by Dave Luhrs on
Article appears under:
Case Studies,
About Property Investment,
Christchurch
I found this deal through advance notice from my network of agents and quickly went to the the first viewing. The property fit
the buying criteria of two Premium Buyer Service clients I was working with, and we jumped on it. We did some fast
early analysis and submitted a quick offer before many other buyers could even view the property.
The property was poorly maintained, with plenty of deferred maintenance so I coached the clients to expect a long list of items to be highlighted by the building report and healthy homes assessment, and we were right! The reports raised quite a few items, including roof and cladding repairs, ceiling and floor insulation, a cosmetic refresh needed for the vacant front home, and carpet for the rear.
I negotiated early access for my clients prior to settlement to remedy some weather tightness issues so they could get standard insurance at settlement, which was ideal as we could start making improvements during that time, which sped up re-tenanting the property at the end of the renovations.
These types of projects are my bread and butter, and during due diligence, I assembled a team of trusted trades and obtained quotes for the work, which I was going to keep an eye on for them.
Unfortunately, the amount of work felt a bit too much for my clients; they were investing for the first time and were from outside the
region, so this was more than they wanted to take on.
When I found the property I commented that I liked buying these kinds of properties, so they asked if I would take over the purchase and continue their search. Clients get first right of refusal, but as the property suited my own buying criteria, I gladly accepted and repaid my client for their due diligence.
We completed the repairs as planned, focusing first on weather tightness for insurance and settlement, followed immediately by a cosmetic refresh.
When I renovate a property, I like to focus on making the home attractive for tenants, low maintenance, and suitable for resale at any point. The rear tenant who has lived in the home for 10 years was thrilled to see “the old girl getting some love”.
Renting out:
Something I loved about this property is the empty roughly 400sqm at the rear of the 1,012sqm land, so opportunity for further development. The proposed Christchurch City Council land rezoning would change the property from Residential Suburban zone to Medium Density, so I would be able to add townhouses in the future.
The home is also not impacted by flood zone or other natural hazards and is a quality site from an earthquake technical category and geotechnical perspective.
The Numbers
The property is in a quality part of Woolston, an improving suburb 10 minutes southwest of the city center.
As a Buyers Agency we work just for you, to find your ideal investment property, be it on-market, private sale, off-market or pre-market. Contact me today to see how we can help you find your ideal Christchurch investment.
Dave Luhrs
Property Investment Specialist - Christchurch
dave.luhrs@ifindproperty.co.nz
021 153 0843
Maintenance budgets for Landlords
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