Right. Looking for a property. Plenty of stock on market, yields are about right. What do I need to think about? Oh, here’s a checklist landlord insurance firm terri sheer. 1) Consider the location. Right, gotcha, convenient, close to transport, good infrastructure. Check. 2) Pay attention to the smell… hang on, what? The smell? “Property managers should pay attention to strong, unpleasant or chemical odours in unexpected places”, terri sheer says.
What kind of buyer consciously goes sniffing about properties trying to detect unusual odours? Well, one who doesn’t want a temporary drug laboratory in their backyard, that’s who. Yes, according to terri sheer, clandestine drug laboratories are a bit of a problem. Insurance manager Carolyn Majda, said illegal drug manufacturing could cause considerable damage to rental properties and cost the landlord thousands of dollars in repairs and subsequent lost rent. “Rental properties may be targeted by people looking to manufacture drugs,” she said. “Drug manufacturing can cause fumes, vapour and excessive heat to escape from windows and ventilators,” she said. Other things to watch out for? Unusual modifications to the property, and ‘unusual items’. “Certain items are commonly used to manufacture illegal drugs, including glass flasks, beakers, rubber tubing, gas cylinders, chemical containers, drums, drain cleaner, acid, garden fertiliser and cough, cold or allergy medicine,” Majda said. Well, cold medicine aside, a full drug lab would be hard to miss. Well, since there were 694 such labs discovered in 2010/11, it’s something to watch!