Thought Provoking Tips for Property Investment

Investing in Property is a great way to create long-term wealth and security. However, getting the basics right is essential to every investor.

Here are our top thought-provoking investor tips:

• Have a backup plan should the unexpected happen. To protect you financially, ensure that you have landlord insurance to cover you for loss of rent, property damage and other out-of-pocket expenses.
• Consider ways to make the property more attractive to tenants. If you have not done so already, consider solar panel rebate offers and provide energy-efficient appliances (dishwasher etc) and halogen light globes. 
• Invest in professional photography, virtual staging, and property tours when advertising the property for rent as this will increase your chances of attracting ‘quality’ tenants. You can also repurpose these if you consider selling the property.
• The presentation of the property will directly impact the type of tenant/s you will attract. A well-presented property will attract quality tenants; however, if poorly presented, it will generally never attract the best tenants, leading to increased challenges during the tenancy.
• When deciding on the most suitable tenant, take the time to consider their rent-to-income percentage ratio (the 30/70 rule), the number of tenants wishing to reside at the property and the length of past tenancy terms as these factors can impact the tenancy. 
• When a tenant vacates the property, allow a two-to-three-day turnaround before commencing the new tenancy to allow for any minor issues that may need attention. 
• If you have not done so in recent years, organise for the roof, gutters, and downpipes to be inspected and cleaned.
• Mould build-up in properties is becoming more prevalent with weather changes. Bathrooms and other wet areas must have adequate ventilation.
• If you are concerned about the upkeep of lawns, gardens, or the pool (if applicable), consider including these maintenance costs in the weekly rent so that you can engage a professional.
• Take the time to carefully read and review your routine property inspection reports, taking note of any important comments.
• Be mindful that garage remotes can break due to normal wear and tear and may need replacing occasionally.
• Having a specialist service your air conditioning unit once a year can dramatically increase its life expectancy.
• Make sure that you have your property annually inspected by a professional for termites, as your insurance will not cover this type of damage.
• Be proactive, not reactive. If our agency reports a minor repair, it is important to act quickly on the request to avoid it becoming a bigger and more expensive job.
• Promptly address tenant concerns. If a tenancy matter arises that requires your instructions, please respond promptly.
• Create a budget for maintenance and renovations and put a little away each week.
• It is essential to respect the tenant's privacy and understand that they are renting your investment property as their home. If you wish to inspect the property, it is important to contact our agency first, so that we can issue the appropriate notice in accordance with legislation requirements.

 

If you have any concerns or questions regarding your tenants or property, please feel welcome to call us on 02 9756 3040