You’ve probably been asked this once or twice already. If not, chances are you will hear it shortly. The New Year brings an opportunity to reflect on the ups and downs of the year that has been, and to also look forward to the year ahead. Whether it’s renovating and upgrading your current property, expanding your property portfolio or simply maintaining your current position as a landlord and property investor, it’s a great time think about what you’d like to achieve.
If the New Year brings about a lease renewal or vacant property, it may present an opportune time to complete some upgrades on your property while it is empty. Afterwards, it may be beneficial to review your rent price.
Or perhaps you’ve come across a fantastic tenant you’re eager to keep for as long as possible.
Whatever plans you may be considering, setting aside goals for the year is a great way to ensure you’re getting the best out of your investment.
This year has seen a big shift in attitudes towards allowing pets into rental properties. With a large proportion of Australian renters owning pets, if your property has the capacity to allow for them – for example, secure fenced yard – this may open your property up to a larger tenant pool. If the options for pet-friendly properties in the area are limited, you may just find a great long-term tenant.
Safety has also been a big topic this year. As it has always been the case, ensuring your property is safe for your tenants is imperative. Upgrading smoke alarm systems to meet new legislation which was introduced in 2017 should still be a priority for landlords. All rental properties must be upgraded to interconnected photogenic systems by 2022.
There have been many changes in the market throughout the year, so looking back at what worked well, or what may still be needed to ensure your property is performing well, is important.
December is a great time to reflect on positive moments throughout the year and also areas which could be improved on next year, and with the support of your property manager, RE/MAX can help make it a positive one for you and your investment.