Purchased an Investment Property – what next?
Acquiring your first investment property is undoubtedly a monumental achievement. While the excitement is warranted, it's crucial to temper it with sound advice. Here's a guide to navigating the post-settlement phase for your first investment property.
Getting Ready for Tenants:
Before your property welcomes its first occupants, a thorough assessment is necessary. Identify any repairs, maintenance, or potential renovations needed. If heating and cooling systems are absent, consider installing them for long-term benefits and return. Acquiring landlord insurance is a key step to safeguard against financial losses. Additionally, obtain a rental property depreciation schedule to optimise tax returns. Compliance with regulations is vital, covering elements such as smoke alarms, window locks, blind cords, and water efficiency. Here at Next Level we arrange these compliance items on your behalf so you do not have to worry.
Stay Informed and Educated:
In the realm of property investment, knowledge is your greatest asset. Stay informed by keeping up to date with reports provided by your property management team. Enhance your understanding by learning from industry experts to avoid budget overruns or cash-flow crises. Efficient financial management involves preparing for all outgoings in advance, establishing offset accounts for surplus funds, and recognising that cash is king.
Strategise Your Investment:
While this may be your initial investment property, chances are it won't be your last. Develop a strategy aligned with your financial goals. Capital growth strategies focus on property value appreciation over time, ideal for those seeking quick gains. Conversely, a rental yield strategy, where rental income exceeds property costs, is suitable for generating passive income. To expand your property portfolio, consider leveraging equity from your current investment—calculated as the property's current value minus the outstanding amount.
Choosing a Stellar Property Management Team:
While some property investors opt for self-management, the time involved can be overwhelming. A proficient property management team can handle tasks such as rent collection, managing arrears, coordinating repairs, and finding high-quality tenants. Professional property managers possess a comprehensive understanding of tenancy laws, navigating the nuances of ever-changing legislation. This expertise ensures you avoid potential pitfalls and can focus on tasks more efficiently managed.
Why Choose Next Level Property:
At Next Level Property, we take pride in our record-low days on the market and the significant number of properties leased off-market. A remarkable 80% of our new business comes from referrals. Backed by a robust marketing strategy and technology, we are committed to ensuring your investment receives the attention and care it deserves. Partner with us for a seamless property management experience that enhances the profitability of your investment.
If you have any further questions regarding investing please feel free to get in touch with Next Level. You can contact us either by calling 0402 866 885 or sending an email to info@nlproperty.com.au. We are here to assist you and are eager to provide any additional support you may need.
