Home repair and maintenance are a fact of life.
Three years ago the sewage backed up and flooded my Rental suite.
Flood damage Remediation was estimated at $21,000 CAD but what I found that both existing plumbing and electrical are not to code so the combination makes it potentially dangerous to my tenants. I bit the bullet and the total remediation swelled to $61,000. With Insurance covering only the Flood damage. It was some months later we found that a tree root grew into the sewage drain pipe was the original cause of the sewer line blockage. On top of that, I lost $12,000 CAD of rental income.
I had an Emergency reserve fund of $15,000 but held back $5,000 for Emergency Health needs.
It was several months later that my best friend Deb was diagnosed with Cancer.
😞
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Oh dear, that sounds like an absolute nightmare for your as well as the tenants. What a waste of all that hard earned money!
I'm sorry that you had to drain those funds while hard times followed in terms of health not long after this maintenance issue.
Knowing what can go wrong if a home is not properly maintained, I will definitely be careful considering to get a second property to rent out once we get to buy one for our own. Many homes have not been properly maintained and I think the covid years only made that worse because people barely kept their heads above water without keeping up with their property's needs.
I hope you are having a good week over there, and holding up alright !LADY !LUV
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