Feeling Tired And Worn Out? What About Your Investment Property?
We can all feel this way at different times, but have you thought about your investment property lately?
Your investment property can start to get worn and tired looking over time. For that reason it needs regular maintenance to keep it looking at its best.
Sometimes landlords rent out the property and forget about it once it’s rented, as long as the rent is coming in. However, you have to remember that all properties require a bit of TLC in order to remain in great condition.
Most people who have invested in rental property have done so thinking of it as a passive investment rather than a business. As such they don’t pay attention to the detailed maintenance of their property or not aware of what needs doing and how often.
It’s important to spend time and money on giving the property a well needed make-over or even just a simple tidy up from time to time. The extra expense will be compensated by the prolonged durability of your property. The added cost associated with putting in quality appliances or taps, for example, is compensated by how long they will last.
Also, a well-presented property will more likely achieve a higher rent. You are also more likely to attract a quality tenant who will take care of your property.
As an investor it is important to budget and plan to update the property every 4–7 years, depending on the normal wear and tear that has taken place. This can include things such as:
- Replacement of carpets
- Replacement of window coverings
- Internal painting
- External painting (if applicable)
- Replacement of appliances such as dishwashers, dryers, ovens and stoves
- Tidying up gardens
All items within an investment property depreciate in value over time. Once the item has depreciated completely there is no longer a tax advantage.
With the end of the financial year fast approaching – now is a great time to consider the needs of your investment property.
We recommend that you consult your accountant or tax depreciation agent to seek further advice on the right timing for home improvements.
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About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.