8/11 Risk 8: Structural Faults!
A lesson I learned early on is about Structural Faults.
One of the things you should consider is whether your properties have good structure and building standards. This is one of the reasons why I recommend that you only purchase new properties for investment, as it reduces the likelihood of poor building standards.
These properties should also come with a builder’s warranty and structural guarantee.
Before we make a decision on a property for a client, we do our research on the builder. We engage only with the most reputable builders who have a proven track record of building in the chosen location. Lenders will ask to see the builder’s insurance prior to funding.
Before completing the handover of your property, you should have two building inspections carried out. Then when your first tenants move in, also encourage them to report all defects within the warranty period. This will ensure that these problems are dealt with before you have to pay for them out of your own pocket.
If you want more information please get in touch with my team at 1300 372 677 or email@example.com.
See you next time, when I talk about how to manage the risk of Pest Infestation🪳
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