Whether it is from an investment or homeowner’s point of view, we’re always looking at innovative ways to help you get the best from your asset.

If you’ve got an investment property and you’re wondering how you can maximise your return, here are some of our tips to consider.

Freshen up the property

This needn’t be an expensive renovation; a fresh coat of paint, new window furnishings, and updated fixtures can make a property more attractive. If you’ve got a bigger budget, look to replace worn flooring. The best time to freshen up the property is between tenants.

Update the appliances

Has the dishwasher seen better days? What’s the air conditioning like? Have a good look at the appliances in the property, and see what needs updating. Make sure tenants have a copy of manuals for appliances to reduce them being misused and increase their working life.

Make it energy efficient

With utility bills on the rise, consider installing energy-saving features; these will add value and give your investment property the edge over other rentals. Take a look at our blog on energy saving features your tenant will love.

It’s worth highlighting at this point, another plus of improving your property is the expenses are often tax deductible and you may be able to claim for depreciation too. Keep a note of all your costs and expenses and speak to your accountant or another specialist in this area to find out more.

Include garden and pool maintenance in the rent

While many tenants like a garden and/or a pool, they are often busy people. If you outsource these responsibilities, and include these in the rent, you’ll make your property that bit more attractive. Furthermore, you will ensure both are maintained to a high standard and reduce the likelihood that small maintenance issues will become bigger issues – and chances are you can claim them back as a tax-deductible expense.

Consider Pets

A pet-friendly property will attract more interest from pet owners looking for a rental. Furthermore, allowing pets could give you the competitive edge over similar properties which do not allow pets.

Even if you own an investment property in a strata scheme, you can offer a pet-friendly rental; as of 25 August 2021, the blanket bans on animals in strata schemes has been lifted, and existing by-laws which unreasonably prohibit the keeping of an animal in an apartment will have no force or effect in strata blocks. Read our blog about this new legislation here.

Reduce the vacancy rate

The majority of tenants will move on at some point, even if it is several years down the track, but if your property is sat empty, it’s not earning you money. Ideally you want to make your property so attractive to your tenants, they never want to leave! So, keep on top of maintenance and address any other issues they may have in a timely way.

To help minimise our landlord vacancy rate, we ensure leases expire at quieter times of the year, when people are more likely to be looking for a new place to live. Furthermore, because we find good tenants, and usually negotiate 12-month leases, we reduce the costs associated with finding a new tenant.

Having been in the business for over 40 years, we have a quite a few other ways in which we help maximise your rental return.

We’d love you to get in touch to tell you more, and also tell you how our property management services can make your life easier.

Drop into the Cardiff office or give us a call on 02 4954 8833. Or send us an email at mail@apnewcastle.com.au – we’ve helped many people realise their financial dreams through property and we’re keen to help you.