You may have already decided to run that marathon, climb Mount Everest or just cut down on the chocolates in 2019. But if you are one of the thousands of Australians who own an investment property or properties, it is well worth taking a few minutes to consider some New Year’s resolutions that could maximise your return. Here are five suggestions to get your property investment portfolio off to a flying start in 2019.
1. Make or review your budget
Many of us mark the arrival of the New Year by taking time to reflect on the different aspects of our lives. While it can be a daunting exercise, it is also worth spending a few minutes to evaluate your investment property. Review the monthly income and expenditure for the property and know precisely where you stand. Where possible, streamline your expenses without compromising the quality of the property or its appeal to prospective renters. And if you haven’t already, why not call your friendly Raine & Horne property manager to organise an obligation-free appraisal from a sales agent to better understand the current value of your investment property?
2. Prioritise any necessary repairs or maintenance
Landlords have a legal obligation to ensure their rental property is well maintained. It also makes good business sense to respond quickly to all reasonable maintenance requests from your tenant. A happy tenant is far more likely to treat your investment property like their own. And by keeping your home in peak condition, you are also maximising your long-term investment.
3. Implement a filing system for important documents
Paperwork, and lots of it, comes with the territory of being a property investor. Sacrifice a couple of hours on the beach to set up an effective filing system for that pesky pile of papers that seemingly multiply by the day. The ATO requires landlords to keep all documents related to the purchase, sale, and day-to-day running of your investment property for up to seven years.
4. Make smart, cost-effective improvements to your investment property
If your budget review reveals you can afford it, consider making improvements to your property from a fresh coat of paint, to new carpet or long-overdue updates to the kitchen or bathroom. Making smart and cost-effective upgrades to the property – inside or out – may increase short and long-term returns on your investment.
5. Contact your local Raine & Horne property manager
If you already enlist the services of a local Raine & Horne property manager, why not set aside the time to call or meet to discuss the current condition of your investment. And if you are not already a member of the Raine & Horne family, invite your local property manager to visit your property and provide some strategic tips to ensure your investment is offering the return you deserve.