Planning ahead will be less taxing
An investment property needs to be regularly maintained and serviced so it continues to perform.
If you have just filed your tax documents for your investment property, make use of the recent experience and discussions with your accountant to plan for the new financial period.
As an investor it is important to budget and plan to update your property every four to seven years. The timeframe you choose will depend on the weather conditions which affect your investment.
Some simple 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.