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As an owner of a rental property, you know things can always go wrong. Appliances need repairing, locks need changing, leaky pipes need replacing, walls need repainting.
The maintenance list goes on and on.
Contractors, tradies, handymen, and parts costs will be cutting into your bottom line; and sometimes, it can even be your tenants who are at fault for damaging your property.
So it may not come as a surprise that 31% of owners who come to us say that costs and value for money are their main pain points. After all, regular house maintenance can set you back $2,661 a year.
Ultimately, it’s important to account for all outgoing costs, but it’s not always an easy task to determine how much to budget for your property.
So, we’ve helped by breaking down what a fair property maintenance price list should look like and how to know if you’re getting the most bang for your buck.
What are the components of a typical property maintenance price list?
One of the biggest advantages to managing a property is being able to renovate it how you please, simultaneously enhancing its value and consequently, your passive income.
But on the flip side, a big disadvantage is that rental properties require frequent, ongoing maintenance, and these expenses can reduce your investment property’s cash flow.
If you’ve ever been confused as to how much services are meant to cost and whether it’s a fair price, here’s an overview of average home maintenance costs for some of the most common home maintenance issues:
It’s important to keep in mind that these prices can vary from state to state, the size or location of your property, and the complexity of the job.
Basic Property Maintenance Price List
Air conditioning units
Should cost around $125 to $127 per hour (a highly desirable feature that can often increase your weekly rental income by up to $20)
Should cost between $80 to $285 per hour for a simple block, $300 to $500 for a midsized block, and up to $20,000 to replace the entire plumbing system
Should cost around $50 to $60 per hour
Should cost between $60 to $156 to get fixed
Should cost $75 to $99 per hour, and for more extensive repairs and instalments, between $150 to $550
Should cost around $40 to $50 per hour and can be over $100 for more extensive repairs
Tired of paying high home maintenance costs?
With our unique blend of innovative tech and property experts, we are redefining property maintenance through a seamless customer experience for investors like you.
Property Maintenance Price List Based On Location
With that being said, residents in Victoria are among the luckier ones to be paying some of the lowest prices for home maintenance across Australia.
- To hire a handyman in Victoria will cost you on average $48.11 per hour
- Queensland falls in the middle of the spectrum, at $52.17 per hour
- New South Wales tops the list for the most expensive at $55.93 per hour
As prices can so frequently differ depending on numerous factors, use this as a general guide for the most common maintenance issues and solutions to make sure you’re getting a fair quote.
A quick tip: While it helps to know the average rates for each service, it’s important to hire a handyman with a trustworthy reputation, good customer reviews, and a good work ethic to make sure you’re getting the best service possible.
How do you know if your property maintenance quote is a fair price?
It’s all well and good receiving a quote for a repair but how do you know if it’s actually a fair price?
After all, it’s hard to filter out the good from the bad when you’re searching for handymen or tradies online.
So, it’s important to do your research on the market, average prices, and customer reviews to make sure you’re going with a trustworthy reputable service.
At :Different we have a network of trusted tradies and property maintenance companies that we always recommend to our owners.
We use data-driven tech to calculate how much a specific property maintenance service should cost, as well as making sure our whole team has complete visibility on what’s going on with your property, so nothing slips through the cracks.
We use smart technology that works 24x7, doesn’t need a vacation and doesn’t demand a paycheque. It also doesn’t forget to follow up on what needs to be done.
If our data tells us that 80% of maintenance requests for a blocked sink cost $524 or less, we will never charge you a higher price for the same service.
FYI: On average, our customers save $1200/year by switching to us. So, if you’re keen to increase your overall profit margin, it is worth comparing your current expected costs to what you would be paying with us, using our savings calculator.
Ready for a fresh take on property management?
With our unique blend of innovative tech and property experts, we are redefining property management through a seamless customer experience for investors like you.
How to safeguard your property from future damage?
Damage can occur even with all preventative measures taken, and even with the best of tenants renting out your property.
Sooner or later your property is going to need some sort of servicing.
But when it comes to lowering the cost of maintenance, taking proactive steps is what will save you from bigger issues cropping up later down the line.
- Conducting regular property inspections is a great way to routinely keep track of your property and address any potential concerns then and there
- Build and maintain a healthy relationship for happy, long-lasting tenants so your renters don’t feel afraid of reaching out for any maintenance or repairs
Ultimately, taking proactive, cost-effective steps to lower your maintenance costs, is a great way to safeguard your property from future damage in the long run - as well as avoiding any detrimental costly repairs.
With our smart tech, 98% of your repairs and maintenance issues are assigned to tradies within 24 hours, reducing any risk of damage worsening or costs piling up.
We have an owner's app where you can keep on top of payments, maintenance requests, and inspections - eliminating the need for phone calls or emails by 70%. Not only this, but you’ll have property partners in Australia and Colombo, to be there to provide support and advice throughout the day during more tricky situations.
Our people combined with our tech gives you the best way of knowing you’re getting a tradie who is honest, fair, and transparent, as well as giving you a fair maintenance service quote with ease of mind when it comes to your rental property and finances.
As previously mentioned, prices for property maintenance and repairs may differ from state to state, location, or size of your property. However, with help from our smart-tech, this is a general guide you can come to, to help you get a grip on the most average home maintenance costs, what that looks like compared to what you’re being quoted, and how to determine how to get the most bang for your buck.
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Disclaimer: The views, information, or opinions expressed in this blog post are for general information purposes only and should not be relied upon. We have not taken into account specific situations, facts or circumstances, and no part of this blog post constitutes personal financial, legal, or tax advice to you. You should seek tax advice from your accountant, specific to your situation.