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C&G's New Financial Year's Resolutions for Landlords
June 30 has come and gone, and it’s time to ring in the new financial year! In today’s blog, C&G share our new financial year’s resolutions for landlords, to ensure an organized and stress-free year of property investment ahead.
Review Your Loans
If you’ve got loans on your investment property(ies), make it your new financial year’s resolution to review whether they’re still right for you. With lenders incentivising a move away from interest-only structures, you may be able to secure a more favourable rate if you can commit to a principal and interest loan. If you recently reviewed your loan, mark a reminder on your calendar to do so again in 12 months’ time. Regularly reviewing your finance can save you thousands over the course of the loan, and may even help you grow your real estate portfolio sooner.
Review Your Insurance
You regularly ensure your loan remains appropriate for your situation - and you should take a similar attitude towards your investment property insurance. Check in to make sure you’re getting the best deal, and to ensure you’re covered for any changes you’ve made to your property. Peace of mind is always worth your time.
Fix Up Overdue Maintenance
If you’ve got maintenance on your to-do list, schedule it in now. Think about improving your tenant’s experience and consider how best to maximise your investment in annual maintenance. Ensuring the heater is serviced ahead of winter and the air conditioner is running well ahead of summer will show your tenants you care for their wellbeing and comfort. Collaborate with your C&G property manager, who will assist you to identify maintenance or improvement matters that may enhance your rental income.
Plan Property Improvements
Once your maintenance is taken care of, look at any improvements you wish to make to the property. If your current tenant’s lease is coming to an end and they’ve not taken the option to renew, this could be your opportunity to add value for the next leasing cycle. Installing a dishwasher, washing machine or air conditioner could mean you’re able to command more rent when you next market the property. Be bold and think big – as updating the kitchen or refreshing the bathroom can also garner enhanced returns. Prepare a budget schedule and set timelines for when you want to achieve these improvements – make sure to let your property manager know your plans.
Consider a Rent Increase
Speak to your property manager about the potential for a rent increase in the coming financial year. They’ll be able to unpack the current leasing market and identify whether your property is being let in line with local trends. Whilst a rent increase may not always be appropriate, it is worth considering.
If growing your property portfolio is part of your investment strategy for the coming financial year, Chisholm & Gamon can assist with your plans. Get in touch to discuss how we can get you on the path to real estate success in the 2018/19 year.