5 Ways to begin the new financial year with a rental return increase

Savvy investors are continually looking at ways to improve the rental returns on their investment properties and the new financial year is such a perfect time to spruce up your property.

Here are 5 ways to achieve that return!

1. Use a good property manager – To ensure your asset is managed properly, you need to make sure you find a good property manager. Good property managers are very hard to find but they should be licensed, come recommended from other investors, have been in the industry for a number of years, have local knowledge of the area and the types of tenants your property is likely to attract and stay in touch with you on a regular basis.
2. Increase the Rent – This seems like an obvious choice but it is amazing the number of landlords who have not increased their rent for years. Find out what the market rent is and the next time you are able to increase your rent, do it.
3. Claim all tax deductions – Contact a quantity surveyor and ask for a depreciation schedule. This will list all the items in and on the property that can be depreciated which in turn can result in a larger tax refund.
4. Update the property – A new coat of paint, new floor coverings and resurfacing of the bathroom should increase rent by 10%. If you decide to put in a new kitchen, this alone should increase the rent by a further 10%. Updating rental properties not only increases your rental yield but it also helps to attract a better quality tenant.
5. Allow pets – Many people own pets; tenants are no different. There are relatively few rental properties that are suitable/allow pets. If you can make your property pet friendly, you will often find that tenants will pay you a premium for this.

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