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Taking care of your investment property over the holidays

Taking care of your investment property over the holidays

The festive break gives you the perfect opportunity to improve your investment property. Now is a great time to get everything in order to avoid stress later in the year. Here are some tasks you should do:

Contact Your Tenants

If your tenants are vacating you should already be on the hunt to find replacements. The start of the year is a popular time for people to move out so there is often an influx of rental properties into the market. By advertising now, before your current occupants have left, you can avoid getting mixed in with the crowd and secure a tenant quickly, ensuring you don’t miss out on any rental income.

If your tenants are going on holidays then it is a good idea to contact them and find out the exact dates. Set them a checklist of things they need to do before they leave to ensure the property will be safe and secured. Also make sure you or your property manager check the house regularly and collect any mail to avoid any indication that the property is empty.

It is important that your tenants are still able to contact either you or your property manager over the holiday period. If either will ever be unavailable then the occupant needs to be told. You don’t want to start the New Year off with unhappy tenants who feel ignored.

Do Reviews

Now is also a good opportunity to reflect on whether your property manager has been doing a desirable job. Some things to think about are if you have been happy with their communication with you or if they have been completing all the tasks you expect of them. If you believe you could get more from your money with someone else, then begin searching for a suitable replacement.

Do a thorough inspection of the property and see if your tenants have been taking appropriate care of it. If there is anything you feel they can improve on or have been neglecting, let them know as it may affect the value of your investment in the long run.

Also review your own performance. Has the time and effort put in by you been sufficient or as much as you would like? If you don’t think it has, consider hiring a property manager to do the job properly.

Maintenance and Renovations

If your property is going to be vacated then it is the perfect opening to polish up the house. Make sure everything is working, fix any problems and give the house a good clean and tidy up. It is better to sort it out now before it turns into a major issue down the track.

It is also a good time to do any additions you have been planning. Improving the property will increase the value and you can charge higher rental income.

Insurance and Refinancing

If you don’t have insurance then now is a good time to think about protecting yourself or reviewing your current policy. Also recommended is to refinance your loan. As a result you could save you thousands annually or find a product that better suits your current situation.

By taking care of your investment property early will go a long way to having your best year yet!

If you would like to start saving in 2015,  you can contact one of our brokers on (08) 9289 7777 for any refinance or insurance enquiries.

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