It’s essential to maintain and protect your investment property so it doesn’t cost you more money in the long term.
An investment property can take a little more work than other options. However, a property can often work out to be more profitable and reliable than other investments. Here are some things to consider around protecting your asset.
Choose your investment property carefully
This is always a good place to start. Read our blog on five key features to look for when choosing an investment property. And when you are buying, ask about any upcoming works that are planned for the development.
It’s also a good idea to look for a low-maintenance property, especially if you’re buying it for investment purposes, not something that requires a lot of work or upkeep.
Respond to your tenants promptly
It’s always worth letting your tenants know that you would prefer they alert you or your property manager to any maintenance issues early on. This ensures they don’t snowball into bigger problems later. That leaky tap or ant problem may seem small, but a stitch in time saves nine, as the saying goes. And if you look after your tenants, they will stay longer and take better care of your asset.
Keep a maintenance schedule
A maintenance schedule may include smoke alarm checks, tree pruning, gutter cleaning, and checking plumbing and electricals such as air conditioners and exhaust fans. Appointing a professional to inspect your property and check for wear and tear may save you money in the long term.
Setting aside a regular percentage of your rental income – five per cent is a good amount – will also help you pay for any unexpected expenses.
Having reliable tradespeople on hand to sort out any issues promptly is essential. As experienced property managers, we have a database of trusted tradies who we can call on to deal with any maintenance issues quickly. They also offer us favourable rates. And remember, all repairs are tax deductible – read our blog on tax deductions for investment properties.
Get to work when your tenants move on
Most tenants don’t want to deal with paintwork or new carpets while they are actually living in a property. But using the time in between tenants to carry out maintenance is a good idea. If you are close by, you can do this yourself. But if you’re not, a property manager can assess the property and decide what needs to be done.
Small improvements, such as a coat of paint and new kitchen benchtops, flooring, or bathroom vanity ware, will all improve your property’s appeal to new tenants. This can boost your rental return, and maintains the value of your investment.
Protect your investment property with landlord’s insurance
Landlord’s insurance is a tax-deductible expense that is well worth the outlay. It protects you against fire and water damage, malicious damage by tenants, failure to pay rent and other factors, depending on the level of coverage you choose.
Talk to us
While it may be tempting to manage your investment property or properties yourself to save on costs, it may end up a false economy. As experienced property managers, we have a pool of preferred suppliers to call on for any maintenance issues. We carry out regular property inspections on behalf of their client to ensure that the property is in good repair. And we can manage any tenant issues, including finding the perfect tenants quickly.
If you have an investment property, or are thinking of buying one, please give us a call. We are experienced inner Sydney property managers, and can help you with buying, selling and managing Sydney property. Please get in touch today.
