When we go away on a long holiday, we often turn off the hot water supply and the power point circuit in the fuse box in order to save money on utilities. But, is it the same when it comes to a vacancy in your investment property?
The short answer is “no”. Generally, when a property is vacant, there are 2 scenarios that are likely to occur
1. You are doing renovations or maintenance in order to upgrade the property
2. You are searching for a new tenant
In both cases, while it may be tempting to shut off the hot water or electricity to the power points, having access to these services is still critical. The obvious case is when you are doing renovations or maintenance you’ll need ready access to power for tools and tradesman.
You may be surprised to know that when you are marketing your investment property for a new tenant, some people attending the open for inspection times will actually test appliances and hot water systems to ensure they are in good repair. Simply assuring them that they are in great working condition, without being able to demonstrate it at the time, won’t be assurance enough that appliances are efficient.
Keeping all utilities connected is essential for your investment property during a vacancy. Any small saving you may make by turning them off will certainly be outweighed by the benefits of keeping them working.