Savvy property investors realise that they must prepare a budget to cover all contingencies throughout the lifetime their investment property. It is vital that careful financial planning be front of mind when considering the purchase so that when outgoings arise, the cost does not eat into the investor’s personal finances.
If you already own an investment property, it’s not too late to start budgeting for any recurring and anticipated expenses that will arise. In preparing your budget, it is suggested that you take into account the following:

Quarterly
Water and council rates, Strata levies
Annually
Insurance premium (building, contents, landlord protection, public liability) Factor in rent to cover 2 weeks vacancy per annum
4-7 years
Replacement of hot water system
5 years
Repaint
8 years
Re-carpet
9 years
Replace blinds and window coverings
10 years
Replace stove, dishwasher, clothes dryer
It is one of the golden rules of property investment that in order to maintain a sound investment the property must not only be presented well, it must be well maintained, thus securing the best tenant and achieving the best rent. This can only be done by prudent budgeting.