Real Homes

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How long has it been since you have reviewed your investment property to make sure you are getting the most out of it? Here are 6 ways to help you review whether you are maximizing your property investment.

What is the market rate for rents in your area?

Making sure you are getting the right amount of rental income for your investment can be a tricky task. Your property manager will provide you with the best indication of what your rental income should be and also advise you on when you should be increasing the rent and by how much. Remember, you want to make sure that the rent you are asking for is competitive in the market so that you attract good tenants while also getting a strong rental return. Carpet Cleaning Carbondale

A simple way to research what similar properties are renting for in your area is to review our rental properties. When looking at comparable properties look for the same suburb, the same sized house/unit in a similar condition with similar amenities and land size. If you find you are under charging talk to your property manager to see what they think as they live and breathe the local market and perhaps look to increase your rent or look to adjust it once the current lease has ended.

Are you growing your assets?

Natural capital growth is great but don’t just rely on that. Actively adding value will ensure your investment is in tip top shape. Tree Removal and Trimming

Refreshing your bathrooms, giving your kitchen a makeover, adding off street parking, another bedroom, a laundry or perhaps an outdoor entertaining space can help grow the value of your asset. Be sure to talk to your property manager as they will be able to advise what changes you could make to your investment for a greater return but without over capitalizing. By adding desirable features and making your property more appealing, it will help attract better quality tenants. Here are 9 ways to increase your rental returns.

Are you insured?

Insurance on rental property goes beyond insuring the building against fire or natural disaster. Landlord insurance is an important part of helping protect your investment portfolio.

Are you reviewing your loan?

The lending market is highly competitive and new products and packages are constantly being released, so you may be able to reduce the interest or fees you are paying. It is worth checking if your current interest rates are higher than those being advertised. If so ask your lender if they can at least match the interest rate of the other lenders. If they can’t perhaps consider moving your business. But keep in mind any loan switching and set up fees as these can be quite hefty.

Have you maximized your cash flow?

Are you taking full advantage of negative gearing benefits for your investment property. Expenses such as loan interest, municipal/council rates, insurance and maintenance can be claimed against rental income. Make sure you discuss this with your accountant.

Are you claiming depreciation

Many property owners are neglecting to take advantage of valuable building depreciation allowances available on rental properties built or renovated from 1985 onwards, so make sure you claim everything to which you are legally entitled to. Assets such as carpets and blinds, kitchen appliances, ceiling fans, smoke alarms, garden watering system, hot water systems can be claimed. Sell your home in Ocoee

You can always consult a depreciation expert for more information if you are unsure of all your entitlements as a property investor.

You can choose the best design for you.

House and land packages offer you the option to customize your home. With 72% of home buyers claiming they would like to personalize their space and structure, this gives you the flexibility to do exactly that.

House and land packages and turnkey solutions are one of the easiest and fastest ways to buy a home that can be tailor made to suit a family’s needs.

Costs are clear

The price is normally pretty clear up front for house and land packages which is good for buyers whose finance is pre-approved. In many cases professional interior designers and architects are involved in every aspect of the design which ensures a high quality product without the costs associated with consultancy fees.

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Technology advances gives control to buyers

With the likes of houseandland.com home buyers now have enormous flexibility to choose their perfect block of land, match it to their ideal design and select their preferred builder. The buyers are in total control of every step.

Up to 14% cheaper

A house and land package generally provides better value than an existing house in the same area. On average it costs about 14% less than a move in ready property.

First home owner grants

If you are buying a first home you may be eligible to receive the First Home Owners grant. Each state and territory varies but there are a number of great incentives for first home buyers buying a brand new property or buying land to build on.

Investor benefits

Because a house and land package is new, you’ll have a warranty if there are any problems. It will be easier to lease and likely to have few or no maintenance outlays. Plus, you can claim the maximum depreciation allowance on your tax return as new properties depreciate faster than existing properties.

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