5 Tips for first time investors
Having spent more time at home recently, you may have been thinking that it could be time to upgrade from your first property.
Perhaps your apartment has become just a tad too small and the idea of squeezing a nursery into your spare bedroom is questionable.
Whatever the case may be, record low interest rates present an opportunity for you to upgrade your abode and keep your current property as an investment. Here, we look at our top tips for moving from First Home Buyers to First Time Investors.
Assess your situation
Before you race out and buy your dream home, it’s important to speak with a financial advisor to decide what the best strategy for you is. If you choose to keep your home as an investment, it is important to also speak with an experienced property manager. They will be able to help you understand the vibe in the rental market, the current rental return and the costs involved in managing your property.
Dress to impress
Just as a beautifully presented home grabs your attention when you are buying, a tenant will also be attracted to your investment property if it is looking just as gorgeous. Renovations are not always necessary but your property should be clean, tidy and welcoming, to ensure that the all-important first impression is a knock-out.
Take care of maintenance
Take a quick walk through your home and make sure everything is in good working order. There may be little things that you have just come to live with such as sticky doors, broken blinds or leaky taps. While these may seem minor to you, there is an expectation from a tenant that these will be fixed. It is much easier and more cost effective for you to address these before a tenant moves in, so that you don’t incur the cost of a tradesperson.
Decide on inclusions
If you’re upsizing to a bigger home you may find there are some white goods or pieces of furniture that are better suited to your soon to become investment property. For example, you may choose to include the washing machine and dryer as part of the lease, particularly if the laundry space is tricky to navigate.
Consider Queensland landlord obligations
As a newfound landlord, you will also need to consider your tenancy obligations as the lessor. This can include the installation and upkeep of smoke alarms, the monitoring of the electrical safety switch and approved pool safety fencing. You should also consider if you intend to charge your tenants for water usage, as this requires water efficiency compliance.
Move with Confidence
Our team can answer any questions you have, to help you transition from being a first home owner to a new landlord with confidence. Feel free to call Byrony on 0412 132 480. We are always happy to offer advice.
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