When you buy an investment property you’ve got a great opportunity to grow its value and give you a good return on your money. Get the best from your property investment with these tips from Deborah West.
Standard home insurance will not cover all that you need protected in your property. As the landlord, injuries that are caused even by the stupidity of the occupier can potentially be âyour faultâ, so you need to protect yourself against this.
You can often claim savings on your taxes because of the depreciation of assets. Appliances like washing machines and dishwashers all depreciate in value and this can be knocked off your tax bill if you have them installed in a property you are renting out.
Review rent prices annually
Raising the price of rent by a small amount annually will be more favourable with your tenants than making a large hike later on. Be sure to assess the market and adjust accordingly on a regular basis.
Time your leases to end at peaks for demand. These tend to be February to April and September to November. A lease ending in December will be hard to fill right away.