How do you feel about that phone call from your Property Manager – “Hmmm, the oven at XYZ is broken”?
Should this be a big surprise or would it have been in the back of your mind – hmm, well actually it is 15 years old.
Keep in mind that nothing lasts forever and if an oven has given you 15 years of good service then you’ve definitely had your money’s worth and claiming against a tenant even if there are some signs of misuse could be seen as petty.
There was an interesting article on Stuff not so long ago titled “The age of the indestructible stove is gone”!
As part of your annual income and expenditure calculations for your investment property it would be wise to plan as much as possible for the necessary replacement of chattels. The list below is from the IRD and gives the estimated useful life of some common chattels for depreciation purposes. Take a look and make a mental note to factor replacement into your budget where necessary.
