Buying a rental property? Change the toilets!
Are you considering purchasing or refinancing a rental property? If so, I highly recommend you change the toilets immediately. I know what youre thinking: Why would I change them? They look new and are working just fine or are they?
Recently, I came across a client whose water bill was over ten thousand dollars! Apparently, one of the toilets in the unit had an issue it kept running for almost a year! In this case, the tenant never mentioned it to the landlord; he didnt think it was an issue and the landlord never checked it because he had no reason to do so. In addition, the city couldnt access the home to inspect, or read, the meter; the tenant was never home to accommodate the city inspectors schedule. Instead of sending accurate bills, the city sent estimated bills. This resulted in a final bill of over $10,000!
Assuming you have three toilets in your rental property and depending on the brand of toilet you choose, the cost to switch these toilets would be roughly $600 – $1,000. Not an exorbitant amount of money not to mention that this cost can be a deductible expense. As a landlord, you could now be rest assured that your toilets are working properly and as efficiently as possible. Also, the cost to repair a toilet today can be more expensive than the cost of replacing the toilet itself. Replacing the toilet would eliminate the added stress of having to deal with the issue later.
Becoming a landlord is challenging enough. Ensure you mitigate your risk so you dont flush your money down the toilet!
Lionel Khoury AMP