Maximise Your Wealth
With today's low real-estate prices and mortgage rates, is this the right time to invest in rental property? It could be, though being a landlord can be a challenge even in the best of times. So before you jump on any seemingly excellent buys on rental property, it's important to understand your local real-estate market and analyse the deal to see what it would cost you under the worst-case scenario.
Statistics are the key; you need to get data on vacancy days of comparable properties, length of time in tenant turnovers, rental rates in your community, and general demand. A property might be priced low because rentals are down in that area.
H&H Residential Properties can help you make an informed decision.
Property Management has become a specialised field with vast legal implications. The Residential Tenancies Act and Acts of Parliament contain complex rules and regulations regarding Property Management. The strength of our service lies in our agents’ thorough working knowledge and understanding of the relevant legislation, in turn, providing you with peace of mind.
Ask yourself the question - When you are offered a reduced rate, what services are you missing out on?
Budget for Maintenance from the Beginning
An investment property should be considered a business, you need to budget from the beginning being proactive – not reactive! We see too often an investor that cannot afford to conduct maintenance which causes many issues. If a property is not maintained on a regular basis over time the value will drop and when it comes time to sell the property you will feel that you have to spend a substantial amount to bring the property up to market appeal or lower your sale price. Look at this simple scenario from the beginning; if you plan on owning the property as an investment for 10 years, allow a minimum of $1,500 p/a this will equate to $15,000 over that 10 year time frame and a maintained property, if you don’t budget for this ask yourself, will you have $15,000 ready to spend when it comes time to sell?
Consider Updating or Adding Desired Attributes
When a prospective tenant is looking for a new home to rent, they generally have a list of desired attributes. These attributes can increase the rental price and drive demand of prospective tenants for your investment property.
- Reverse Cycle Air-Conditioning
- Ceiling Fans
- Security Screens
- Covered Outdoor Entertaining Area
- Storage/Garden Shed
- Side Access Gate/s
- Appropriate size Hot Water Unit
Yearly Market Appraisal for Sale
We will provide you with a yearly updated market opinion on the value of your property. Ideal for updating your landlords’ insurance policy and/or refinancing with available equity, we will keep you informed of all market movements.
Many investors do not realize the great tax benefits they can receive when it comes to depreciation available on their investment property/s. We can provide an industry specific company to review your current tax depreciation claim/schedule. They will help you maximize your deductions when it comes to your investment property come tax time.