Besides the law, there are other risks when renting out an investment property. These include finding new tenants to make sure that the property doesn’t go vacant for long, collection of rent, and paying for repair and maintenance to keep all utilities in working condition.
Perhaps one of the most crucial things that landlords have to worry about are the legal liabilities for injuries to tenants and guests. What a better way to prevent this from happening than to conduct a full inspection in your property to search for any unseen risks that can potentially harm your tenants and your investment as well.
Those risks are the following:
Electrical Wirings
An advice from the ACCC is as follows:
“Have your wiring checked by a licensed electrician if, between 2010 and 2013, you:
- purchased a new property
- renovated
- had electrical work done, including appliance installations.
Do not attempt to inspect cables yourself. If you are unsure who did the electrical work, talk to your builder. If you don’t know who the builder was and are unsure if Infinity cables were installed, get a licensed electrician to inspect your wiring.”
The reason for this is that electrical cable brands such as Infinity and Olsent are being recalled as it had been found that the plastic coating used on their cables has the potential to become prematurely brittle and create a safety hazard from 2018 onwards. Around 680 kms of these cables was used by electricians in Queensland between 2012 and 2013, thus, homeowners are advised to have the cablings inspected by a licensed electrician.
Lead-Based Paint
As we all know, lead is extremely toxic to humans. It affects the liver, kidneys, the nervous and reproductive systems. What’s worse is that lead poisoning can happen stealthily, yet can cause serious and permanent health problems, especially to the brain, when ingested.
The main concern here is that most houses built before 1978 have a pretty good chance of having lead-based paint. This is due to the fact that before 1970, paint sold in Australia contained 50% lead. Hence, it is recommended that owners of older properties try to remember when their property last had a paint job and whether or not there is a likelihood that a lead-based paint was used. If it is, you must consult a qualified professional for appropriate remedies.
Lead Soldering on Copper Water Pipes
The use of lead soldering on water pipes was banned in Australia in 1989 due to the threats that it pose to people’s health. There is a possibility that due to corrosion, the lead on old soldering will leach into the water after prolonged contact. Usually, it is the water that is first used in the morning that is the most hazardous as it sat in the pipes overnight. It has been revealed in a study conducted on several suburbs in Sydney that the first water that comes out of the taps in the morning contained exceeding amounts of lead. Therefore, it is recommended that owners of older properties have a plumber check to see if the pipes in their properties could pose a threat to the health and safety of their tenants.
