Don't let your investment property take a holiday

By the resi financial blog team, 23 December 2014

Don't let your investment property take a holiday

Christmas is coming and thoughts of a well-earned break feature in most wish lists. But just because you’re ready to put your feet up, don’t think your investment property can do the same.

This is the perfect time of year to take stock of how your property is performing and whether you need to make any changes.

If your tenants leave – take action now

Many tenants terminate their leases at this time of year. If this happens to you, don’t leave it until next year to find new ones. The New Year can easily stretch into February if you’re not careful.

Are you happy with your property manager? 

You may not have been monitoring your property manager throughout the year but take time now to check their performance. Do they send you regular reports? Think back to how quickly they respond to any concerns. Now is a good time to research the fees and services of other managers in the area.

Carry out any repairs

Use the Christmas break to carry out any repairs or maintenance, especially if your property is untenanted. Upgrading your property can also put you in a position where you can charge a slightly higher rent.

Reassess your property’s value 

Work out whether your property remains a viable investment. Maybe the demographics in the area have changed, or a major business has moved out leaving many untenanted properties. By assessing market changes you can make a more informed decision about whether to continue to hold an investment property in the area.

Should you add to your portfolio?

If you’re thinking about adding another property to your portfolio, then the end of year is the best time to look around. You are likely to have more time for researching properties and are likely to be less stressed and less pressured about making decisions.

Don’t forget your tax receipts

Why not make life a little easier and start gathering your tax receipts now? Come June 30 you’ll be thanking yourself – and so will your accountant.

Categories: investment portfolio review, investment property, review investment property