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When you buy an investment property you are hoping that everything will run smoothly; you’ll find great tenants, they’ll pay their rent on time and you won’t have many repair bills. That’s certainly an ideal scenario and one with which your Property Manager can help.
Finding quality tenants can be daunting but a reliable process will ensure you attract good applicants and have your property vacant for the shortest period.
A Property Manager will advise you on what items may need to be repaired or changed in order to present your property in the best possible light. Tenants who are good and reliable will themselves be looking for a good and reliable property. So by presenting a tidy and well-functioning rental option, you will be in a better position to attract tenants who care. Poorly presented homes will usually only attract tenants of the same caliber.
Over the life of your investment property, you will be required to up-date or refurbish. View this an opportunity to;
- increase the value of the property
- keep vacancy days low
- attract better quality tenants
- ask a higher a rental price
Talk to your Property Manager about an annual budget for improvements and repairs or a likely budget over the life of the rental. On average, an investment property will require updating every four to six years. The typical areas that require up-dating or replacing are;
- Internal and external painting
- Tile, grout and paving repairs
- Replacement of the hot water service
- Replacement of white goods including stove, fridge, washing machine, dishwasher
- Replacement of floor and window coverings
These items are all tax deductible and will ensure your investment property is attractive to quality tenants. Keeping your property attractive in order to attract the right tenants also means tenants will look after your property, they may seek a long term lease and your property will have minimal vacant days.
For more information on maintaining your property and attracting quality tenants, please speak with Amal Khodair-Vemana, Principal of Amkar Real Estate and a Property Manager with sixteen years experience. Phone 0401 242 352 or e-mail firstname.lastname@example.org