1. Are you charging the right rent?
If you charge too much you may find it hard to attract and retain tenants, which in turn may mean your property is vacant for periods of time. And if you don’t charge enough, you are not maximizing your rental return. Increasing rent at every opportunity is not always a good idea as this may cause the tenants to vacate. Good tenants are worth hanging onto.
Talk to our expert property managers as they can offer expert advice.
2. Look at the value of your property?
A lot can happen in the property market over a 12-month period. If prices have increase, so has the amount of equity in your property. This is great news if you are looking at additional investment opportunities.
3. Review your insurance
Its is always a good idea to review your insurance policies when they become due for renewal. If you don’t have insurance, consider taking out a policy to protect yourself against the unforeseen and unexpected issues that could arise. If you have a few properties speak to an insurance broker as it may be worth consolidating your policies for a better rate.
4. Review your team
Having a good team around you can make a big difference to the success of your investment. A responsive accountant and proactive lender providing the best interest rate can ensure that your investment is maximized.
Meet with your accountant and discuss in detail that you are claiming all relevant expenses.
5. Maintenance
Regular inspections are important as they provide the opportunity to address any current or potential issues. Make sure there is an additional budget set aside for any unforeseen repairs that pop up over the next few months
6. How is your rental yield?
Understanding your rental yield is important. This is the amount of profit you make on an investment property. To calculate this, you need to calculate the difference between your overall costs and the income you receive from renting a property. Knowing this will enable you to accurately assess your property’s performance and ongoing return.