Using your investment property to make more profits
A crucial part of launching your investing journey is doing the homework to discover a great investment property. However, what about after you have bought the property? In 2020, with rental prices moving rapidly , particularly after state governments moved to enact rent freezes and a moratorium on evictions, there has never been a better time to think about ways to make more cash off your investment property. We offer three tips in this article to help you continue to get the most from your savings.
Check the rent on the house
The leasing business is still jumping around over the year, much as the volatile rates and returns in the owner-occupier business. With that in mind, it 's crucial that you check what you're spending for rent on a regular basis to continue to get your best investment return.
In your neighbourhood and the surrounding suburbs, take a look at what comparable properties charge. Doing this will allow you to realise whether you are overcharging, undercharging or simply getting the rent price correct. Your rental price may still not necessarily go up, which is very true for periods like this year. Although lowering your rent price might not be preferable, if the rest of the economy is falling, you're best off ensuring that the price of your property represents that your property is not left empty for too long.
Refresh your properties
A smart way to maintain the house in better shape is to upgrade the rental property, and it holds it up to a level that tends to draw better renters. It's not necessary to upgrade your property to break the bank. A few different choices, such as decorating, tidying the garden or some simple remodelling, could be considered.
Your main focus for property upgrades is to make the property appealing to great renters, so you can find dream tenants who have lived in your property for a long time with a little investment invested in, for example , fresh paint now.
Examination in Property Maintenance
If the property is self-managed, or you opt for an outsourced property manager, you can periodically check the property management staff and procedures. If you've been dreaming of taking some of the liability for maintenance out of your hands, and your property is actually self-managed, look at your options for property management.
Even in periods where the economy and property market are going through a slowdown, constantly monitoring the maintenance of your property and the condition of the property itself will ensure you keep making a return on your investment.
Note this article is not a financial or legal advice. Please check with your financial and legal qualified advisors before taking any decisions on your own.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or https://www.nobullrealestate.com.au