10 Tips on Getting the Most Out of Your New Property

Buying a rental property is an increasingly popular way for people to create an extra stream of income for themselves. If this is something you have recently done or are thinking of doing, no doubt you’re keen to make as much money as possible from your property investment. Below are 10 tips on how to do just that.

1. Invest in a Top Quality Property

A great way to make sure your property will bring in decent money for you is to purchase from an established developer, such as Coral Homes. A house that is well designed and constructed will attract a higher rent and also create less maintenance costs for you to deal with.

2. Research

Property investment is a big undertaking. It’s important to do a reasonable amount of research about property investing to prepare yourself for the journey ahead. One of the most important things to determine through research is the ideal rent to be charging.

3. Use a Good Agent

A good agent is one that has your best interests at heart and also knows the industry thoroughly. Carefully check the terms and conditions of any arrangement with a potential agent before signing off.

4. Hire an Appraiser

Though there’s a fee involved, an appraiser will be able to give you a detailed rundown of which assets in your property are subject to depreciation, which can result in a lot of savings when tax time rolls around.

5. Use a Trustworthy Accountant

Many accountants also specialise in financial planning, property investment, or both. If you don’t already have a professional and friendly accountant to help you on this path, find one now. An accountant who knows their stuff and is also invested in your success is an invaluable resource and partner.

6. Renovate

Keeping your property’s appearance and furnishings current and trendy will ensure you’ll always get the most rent possible, even as the property itself ages. You’ll also be glad you renovated regularly when it comes time to resell your property.

7. Take Care of Maintenance and Repairs Efficiently

Even more important than renovating is keeping up with any repairs or maintenance work that your property requires. Doing so in a timely fashion will also ensure that a good relationship is developed between your tenants and yourself, which is particularly important if the tenants you’ve found are reliable.

8. Advertise Wisely

The type of tenants you end up with will determine how reliable and long-term your rental income will be. Therefore, it’s crucial to phrase your ad in a way that will attract the kinds of people that you’d ideally like living in your property.

9. Perform Credit Checks

To make sure the history of your potential tenants doesn’t jeopardise your rental income, engage a credit check company to check anyone’s credit history for any warning signs.

10. Educate Yourself about Tax

There are a number of things related to your investment property that can be claimed on your annual tax return. Make sure to do some research into what these things are and, as a result, you’ll find yourself saving more than you may have expected.

There are many ways to ensure that your investment in property benefits you as fully as you’d like it to… It comes down mainly to being diligent in your own activities and relying on professionals to take care of the trickier things.