Make a property logbook the number one resolution for 2014
Media release - 10th December, 2013
Maintenance and insurance the focus for homeowners
- Get a home logbook – it will help achieve the best resale value for your property
- Commit to keeping your property in great shape
- Make the most of home equity
- Check your insurance
- Landlords, review your rents
- Make a diary note of strata meetings
Making your own home or investment property the focal point of your New Year’s resolutions could allow owner-occupiers and investors to enjoy greater wealth and prosperity in 2014, according to Angus Raine, Executive Chairman and CEO of Raine & Horne.
“Many of us keep a log book or service schedule for our cars, which demonstrates we have maintained them in the best working order, and these records are an important ingredient in verifying the resale value of our vehicles when the time comes to sell,” says Mr Raine.
“Likewise, I would urge all homeowners to keep a log book that demonstrates every home improvement or major repair undertaken during your ownership, and to keep all receipts in a handy spot, so they can be presented to potential buyers, when the time comes to move home.”
A common phrase in business is ‘failing to plan is planning to fail’ and this axiom equally applies to the business of owning and maintaining a property, according to Mr Raine.
“Drawing up a regular maintenance plan for your home will ensure a minor problem doesn’t become a major expense if left unattended. Keeping your home in tip top condition can also boost its value – a real plus if you decide to sell in 2014.”
Home equity – the difference between a home’s value and the outstanding balance of a mortgage, can be a fantastic financial resource, offering a source of low cost funding for the purchase of an investment property or much needed renovations.
“Your local agent can give you an accurate assessment of your home’s market value to keep you up to speed with the equity you’ve built up,” says Mr Raine.
It’s fair to say that most homeowners will have building and contents insurance in place, but Mr Raine warns that it’s critical to have the right level of cover so that you’re not left out of pocket if you need to replace belongings or rebuild your home.
“Check out the Insurance Council of Australia’s online calculators [i] to discover if you could be underinsured. If you are, talk to your insurer about upgrading your policy,” says Mr Raine.
Time has a way of slipping by, and it’s important for investors to stay on top of rents to maximise the return on their investment properties.
“If it’s been a while since the last rent review, talk to your property manager, who is a font of market knowledge, to see if you’re keeping abreast of market rents,” advises Mr Raine.
“If the lease has expired on your rental property, think about locking tenants into a new lease to enjoy more certain cash flow – again your property manager can discuss your options with you.”
No matter whether you’re an owner occupier or an investor, if you own a strata property make a note of when strata meetings will be held during 2014.
“Make time to attend strata meetings so that you can have your say in key decisions that are likely to affect your property,” advises Mr Raine.
“In some states like NSW, strata laws are undergoing a major overhaul, and getting involved now will help you have a clearer idea of how the new legislation will impact on you and your property further down the track.”
For further media information contact:
Angus Raine, Executive Chairman / CEO Raine & Horne on 02 9258 5422 and 0409 920 697
Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400