How is your investment property working for you?
How long has it been since you’ve reviewed how your investment is performing? Your local LJ Hooker property manager can assist you in getting the best out of your property.
What is the market rate for rents in your area?
Making sure you are getting the right amount of rental income for your investment can be a tricky task. Your property manager will provide you with the best indication of what your rental income should be and also advise you on when you should be increasing the rent and by how much. Remember, you want to make sure that the rent you are asking for is competitive in the market so that you attract good tenants while also getting a strong rental return.
Are you growing your assets?
Natural capital growth is great but don’t just rely on that. Actively add value by making sure your investment asset is in tip-top shape. Again, your LJ Hooker property manager will best advise you of what changes you could make to your investment for a greater return. This will present your property in the best possible light and attract better quality tenants.
Are you insured?
Insurance on rental property goes beyond insuring the building against fire or natural disaster. Landlord insurance is an important part of helping protect your investment portfolio. Your LJ Hooker Property Manager can point you in the right direction.
Are you reviewing your loan?
The lending market is highly competitive and new products and packages are constantly being released, so you may be able to reduce the interest or fees you are paying.
Make sure that you review your loan to ensure you are getting the best deal in the market. The team at LJ Hooker Home Loans are able to assist.
Have you maximised your cash flow?
Take full advantage of negative gearing benefits for your investment property. Expenses such as loan interest, municipal/council rates, insurance and maintenance can be claimed against rental income.
Also many property owners are neglecting to take advantage of valuable building depreciation allowances available on rental properties built or renovated from 1985 onwards, so make sure you claim everything to which you are legally entitled to.
You can always consult a depreciation expert for more information if you are unsure of all your entitlements as a property investor.