I’m sure most people out there have a few New Year’s resolutions in mind for the promising twelve-months that lie ahead. Well that’s no different for the property investors out there wanting to improve or change their investment related habits or management style.
Let’s take a look at 6 New Year’s resolutions for all Aussie landlords to take on board in 2018.
1. I’ll make more time to visit my investment.
Whether you have a single property investment or several, it’s important to pencil in some time during the year to visit your properties at least once. Even having the best tenants won’t necessarily mean that nothing requires fixing as some don’t like to report repairs if they feel they’re not significant enough to bother the landlord.
It is recommended to conduct an inspection at least twice a year to keep on top of things, most importantly, keeping you and your tenants as happy as possible.
2. I’ll make repairs and maintenance a top priority.
If you’ve been a little slack over recent years when it comes to arranging repairs to be done within a reasonable timeframe, now’s the time to make it a resolution for 2018.
No tenant enjoys waiting around for weeks or months for something to be fixed, let alone the inconvenience of repeatedly contacting agents in attempt to get it sorted out.
Make this a priority and you’ll likely see your tenants stay happier, and stay longer which ultimately benefits you as a landlord anyway.
3. I’ll properly organise my property documentation.
Someone who’s extremely unorganised won’t make for the best landlord they can possibly be. Having a draw full of random documents scrunched up in no order whatsoever will make your life exponentially and unnecessarily more difficult.
Get a proper filing system put into place and notice how much easier your life becomes when you require one particular form that you can pick straight out!
4. I’ll plan a makeover for my investment.
Properties that owners spend a bit of time and money on attract better, and longer-term tenants. It also creates higher rental returns by adding value to your place.
Spend a day next year analysing your properties, jotting down the areas and ideas for enhancement.
Slapping on a coat of paint or replacing some tired kitchen or bathroom tiles can make the world of difference to the value of your property, and your tenants.
5. I’ll be prepared for expansion.
If you’re planning on buying more property this coming year, it’s well advised to have your finances sorted out in advance. In addition, make sure you organise yourself to conduct your own research – where and when would you like to buy? What sort of property are you after and why?
Seek preapproval as soon as possible if this is the case so you’re ready to strike when the time’s right.
6. I’ll draw up a detailed budget.
Unfortunately, low interest rates can make a fool out of inexperienced buyers. While it may seem great to have a little extra cash at the moment, eventually these rates will rise and you might not be prepared when it happens.
You should always plan to have put away a bit money on the side in case of disaster, which isn’t that uncommon in the world of property investment.
Be prepared by figuring out how much your investment costs you, then you’ll know how much you should be saving for a worst-case scenario.