Investment property maintenance
Leigh Henderson, a leading LJ Hooker Principal and Property Manager, has some great tips for investment property managers who want to attract good tenants.
With so many people busier than ever it is easy to forget about spending time and money on giving an investment property a much-needed facelift or a simple tidy up. But it’s vital you do.
The payoff is you’re far more likely to attract tidy, well presented and responsible tenants vying to live in your home.
“An investment property is like our every day car. It needs to be regularly maintained and serviced so it runs at its best and you can always assume it will perfom for you,” Mr Henderson said.
“As an investor it is important to budget and plan to update the property every four to seven years, depending on the normal wear and tear that has taken place.”
Some simple end of financial year checks on an investment property could include:
- Internal painting
- External painting (if a house)
- Replacing carpets
- Replacing window coverings
- Replacing appliances such as dishwashers, dryers, ovens and stoves
- Tidying the garden
“All items within an investment property depreciate in value over time, so remember once the item has depreciated completely there is no longer a tax advantage,” Mr Henderson said.
“A well-presented property will more likely attract a quality tenant who will care for the home and you are also more likely to achieve a higher rent.
Don’t look to replace like with like either. Look at sustainable options, you will find in many cases you can replace like with better and make the home more attractive to renters. Visit www.liveability.com.au for more information.”
Seek professional advice with an accountant or tax depreciation agent for further advice on the right timing for home improvements for an investment property.
And don’t forget, LJ Hooker Home Loans are offering very competitive fixed term rates that are well worth investigating.
Talk to your local LJ Hooker Home Loan broker regarding this and paying all your investment property interest before June 30 for maximum tax benefits.
TIP: Not sure where to go for the very best specialist advice on tax depreciation for your investment and rental properties? Visit www.bmtqs.com.au/about-us