Property Investors New Year Resolutions
As the year draws to a close it is a good time to re-think and refine your role as a landlord and set your resolutions for 2019
Repairs and maintenance
It’s no surprise that well maintained and presented properties attract and retain better tenants, yield higher rents and add value to your investment. If your property is needing a bit of TLC and you have time between tenancies, you could consider painting the walls, or sanding the floor boards, perhaps retile the bathroom or give the kitchen a quick make over. Quick and efficient processing of all maintenance requests should be a priority. If you haven’t already – it’s worth getting in contact with your property manager to give them specific instructions as to what repairs can be organised on your behalf if you happen to be unreachable.
Organising paperwork is no one’s favourite job but it is well worth doing. There is a huge amount of documentation involved in owning a property and it is important to keep it safe for the duration of your ownership and for up to 7 years after you sell the property. An organised filing system for quick access is ideal and should include original purchase documents, all invoices including legal and agent fees and other associated costs, home loan statements, invoices relating to any work you have had done on the property.
Adding to your portfolio
As a property investor if you are looking at expanding your portfolio in 2018 being financially prepared is key. Have you considered your budget and price range, have you done your research and identified where you’d like to buy? Buying a property is a big decision and you don’t want to feel rushed without thinking through your options, but indecision can keep you from what could potentially be a rewarding decision. Talk to your home loan provider and get pre-approval so you are ready to take advantage of the right opportunity if it comes along.
If there is any further information or advice you would like, please call us on 8269 7711.