Heed my warning all you new or wannabe property portfolio owners! You may remember in this post I mentioned that, as the majority of Eastbourne (Sunniest Town in Britain apparently) was built around the latter half of the 19th century, some of the building materials are beginning to fail such as mortar and felt. Now, on the Sunshine Coast our weather is mild compared to the rest of the country but this year the roofs have really taken a hammering in the wind and rain. Four, yes FOUR, of my properties can no longer be patched and now require new roofs.
Perhaps more experienced, long in the tooth landlords investigate the roof condition of a potential BTL before considering anything else but from my research of Property Millionaire Courses run by gurus the focus is on the bottom line numbers/profit at no point have I seen anyone flag up what will happen or how it will affect the bottom line when a major repair needs doing which hasn’t been budgeted for.
Which roof do I pick first when looking at £10-15k apiece? Well, obviously the one that shows the most! So on top of delving under the stairs to look at RCD, open kitchen cupboards to locate boiler, my advice is make sure you have a good look at how well the tiles are likely to keep the rain off.
I don’t mind the investment as I’m young enough to feel the benefit for the next few decades and I don’t use the profit to live on, but if you don’t have the cash in reserve and cashflow is tight, a major expense such as this will really, really hurt if you haven’t budgeted for it. After all, there are only so many times you can fob a tenant off with the words Continue reading