Thursday, 21st January 2016
When tenants have a choice between your property and one with similar attributes, what's the one thing that will make them choose yours time and time again?
That's right - keeping on top of your residential investment property carries the same weight, whether it's in Melbourne or Sydney, Ipswich or Wollongong. A dodgy oven or dirty carpets will impact your cashflow quicker than you can say "Capital loss". Get things fixed and cleaned up before you start looking for tenants - those first impressions last.
Sometimes though, with an older home it can become evident that you're starting to put more in than you're getting out. It can be tempting to consider renovation but this could have untold effects on your cashflow and it might be better to get out while you're ahead. If a planned renovation will see you over-capitalised and chances of value growth are diminished, sell up and move on.
If you'd like to hear more about getting the best out of your property investments, read my top two blog posts on the subject from 2015:
* Why it's important not to skimp on maintaining your investment property - click here
* The truth about renovation - click here
Until next time,
Please note that both these posts are general in their nature and any decisions specific to your needs should be made in conjunction with a professional advisor.