Thought I'd share my recent experience with property investment.
I have a place in Sydney that I've owned for 20 years. For the last 10 its been let out while I've worked overseas. It is very exposed to the south and during the heavy rain and gale force winds in June water got in under and through sliding doors and windows and soaked carpets upstairs and down on the southern side.
The agent arranged for a contracter to bring in drying equipment. This cost $2000 and then a week later the second storm came and they were soaked again. This time the carpets had to be replaced.
The tennants were getting very distressed and the agent arranged for a builder to come and inspect the place. The builder said they couldn't be sure of the cause of the leaks but recommended tearing up all the decks, pulling out all the windows and doors and putting it back together for $20,000.
I couldn't believe this and said no. The house has never leaked like this before in the 20 years I've owned it. Many houses in the street had similar leakage, including the neighbours brand new place. I don't think there is anything the builder could do to prevent leakage occuring again if we got such extreme weather and I'm willing to accept that this might occur every 30 years or so and that I'd have to cop the cost of carpet replacement etc.
Now the agent tells me that the tennants want the repair work carried out and can legally force me to have it done! Such are the joys of property investment!