After you have purchased an investment property, have you ever encountered this dilemma?
Shall I replace this part? Shall I keep it as-is until it breaks?
Granted, chances you have already spent so much in acquiring the property, so you may be reluctant in spending any extra dime in renovating the place (or at least, delay until the cash flow starts coming in).
For some fixes, you can reasonably delay the fix until quite some time.
For other fixes, to give you a better sleep at night, you should always ensure the operations of these items. Don’t even think about ignoring these. Just do it.
Here are the top 5 things you should seriously consider replacing or upgrading whenever you acquire a new investment property, regardless of their condition.
The Top 5 Items to Replace or Upgrade in Every Rental Property You Buy
Why is a toilet on top of the list? Because a toilet can be one of the largest money drains in your property!
You may be surprised how large of a water bill a leaking toilet can cause. As an example, one of my toilet leakages went undetected for two months, and the corresponding water bill was $3,500! As a comparison, normally we pay around $150 a month for water, or $300 for two months. That’s more than 10 times the normal usage.
The main reason that a toilet is a must-fix item is because leaking toilets can run 24 hours a day. A leaking faucet or a leaking shower diverter will result in only a small water issue when you don’t turn them on. A leaking toilet, on the other hand, is continuous.
While the potential damage can be immense, the action to be taken is surprisingly easy.
We are not even talking about replacing the toilet (although for long term holds, it’s not a bad idea either). We are talking about just “gutting” the toilet by replacing the toilet system inside.
Google “Fluidmaster Complete Toilet Repair Kit,” and you will know what I am talking about. Get a flapper, fill valve, nuts and bolts, etc. and do a makeover for your toilets. All it requires is $20 of material and couple hours of labor.
Ever since the “leaking incident,” we have implemented the toilet makeover policy for all newly acquired properties.
Would you do the same?
Even if the lock is fully functional, you should always change the locks. You don’t know who possessed the keys before. Instead of coming up with any justifications to convince yourself…