Employ the experts
Regulations around the property including tenancy legislation and taxation are areas that change over time. This is where qualified and experienced experts in property management and accounting can assist in making life easier during your investment journey.
Employing a qualified and experienced property manager can remove the stress that can come with managing your own investment property. They will understand the relevant legislation and processes required to maximise your investment.
A great accountant can also assist with removing the stress of tax time and ensure that you are receiving the best possible returns on your investment while working with you to improve your investment strategy and achieve the financial goals that you are aiming for.
Insure your investment
One mistake the property investors often make is failing to take out adequate insurance cover over their investment property. Even the best-laid plans cannot control everything that happens, and a good insurance policy can help in covering for cases where the unexpected happens.
It’s important to consider not only building and contents but also landlord insurance which will cover your income in the event should a tenant fall into arrears or damage occur to the property during the lifetime of tenancies.
Maintain the property
Properties will age over time and with tenancies, even in your own home items will wear or break. Setting aside funds to account for the inevitable will ensure that you are reducing your stress levels when it comes time to need to fix an item at your investment property and guarantee that not only the tenant has functional items in the property, but you are also keeping the property up to date with the latest market.
Allowing fixtures and fittings in the property to fall into disrepair over time can end up being a costly expense in the long run and preparing for maintenance can keep your investment in good order.
Keep up to date with the current market
A good property manager can assist you with ensuring that your property is priced at the right rate in line with current market conditions. Be aware of what the trends are in the area for your investment and talk with your property manager to ensure that you are achieving the best rent for your investment.
You may need to also consider recent market conditions and any current tenancies that may be impacted if you increase rents. Weigh up the options of the impacts of increasing the rent, vacancy periods and excellent tenants.