How to Maximise your Investment Property
Purchasing an investment property is one the best ways to invest your money and set yourself up for the future. However, it isn’t as simple as just buying a property and watching the cash flow in. There are a few ways you can maximise your returns on your investment property, and we’re going to share them with you!
CONSIDER YOUR INVESTMENT STRATEGY
Before you even sign the dotted line on your contract, you need to consider your investment strategy. Ask yourself how long you plan to hold onto your investment property for; will it be a long-term or short-term investment?
If you decide to invest in the long run, it is important to find a property with high potential for capital growth, where you can hold onto the property for an extended period of time as it increases in value, allowing you to sell in the future for a profit.
Short-term investments, on the contrary, are usually ‘fixer-upper’ properties with plenty of potential to renovate and increase the value before selling.
INCREASE YOUR RENTAL RETURN
There are plenty of ways to increase your rental return on your investment property, helping you not only earn more through your investment, but also adding value to the property for both the tenants and yourself when you decide to sell.
If you already have tenants, ask them what they want in terms of add-ons that would improve their quality of life, such as installing a dishwasher or increasing security measures. If your tenants are happy, they are less likely to leave and are more accepting of future rent increases.
Making sure that you keep on top of maintenance will also improve your rental returns in the long run. Keeping your property up to date will only add to it’s value in the future and allow you to command a higher rent when renewal time comes around. This is where we can help you – using a professional property manager will take a lot of stress off your shoulders as they will be able to communicate with your tenants and their trusted tradespeople directly.
ALLOW YOUR PROPERTY TO BE PET-FRIENDLY
Many people consider their pets to be part of their family, and by allowing your tenants to have pets in your investment property will set you aside from other landlords who refuse this.
Many pet owners are willing to pay a higher price per week in exchange for permission to keep pets, and they do have a reputation for being excellent tenants. If you are concerned with any potential damage to your property by allowing pets, many pet owners are more than willing to add cleaning or damage clauses to their lease agreement.
GET A PROPERTY MANAGER
As mentioned above, hiring a property manager to oversee your investment property is invaluable when it comes to maximising your returns. We are able to help you in every step of your property investment journey, from purchasing the property itself, to marketing and assisting with your online listing, to ensuring that your property stays leased.
With a 98% occupancy rate along with excellent tenant retention, we can provide you with the confidence that your investment is being managed by the very best in the business!
If you’re considering renting your property out, or would like to find out more about the current market rent, please do not hesitate to give your experienced, friendly team a call on (02) 4228 8400. We are committed to delivering excellence in service for the management of your investment property!