TIME TO Review Your Investment Property Performance? READ ON
Investing in properties has been a proven way to build long-term wealth. However, it is equally important to regularly review your investments to ensure that they are on track and there are no loose ends. Here are five simple ways to review:
Investing in properties has been a proven way is a wise way to build long-term wealth. One of the keys to building wealth is However, just like any other investment, it requires regular monitoring and periodic reviews to ensure everything is on track and there are no loose ends that it is performing well. Our Team has Whether you're a seasoned investor or a first-time owner, it's important to regularly review your investment property performance. Here We Here put together five simple ways to review property performance:
1. Review your loan/s
Most property investors and homeowners don’t review their mortgages often. In a high-interest-rate environment, it is important to see if you can get a better interest rate on your loan. You can achieve this by renegotiation with your current lender or by refinancing.
The key is to work with an experienced finance broker who has access to a pool of lenders to help you find the best option. It is also important to ensure your loan is structured correctly, i.e. – lenders mortgage insurance, collateralisation, loan term, type of interest rate, valuation, and repayments.
2. Assessing Rental Income
Your property manager is a very important team member in your property investment journey. They manage your property on an ongoing basis. They are the ones who will be managing your property ongoing. They play an important role to – guide owners to make the property market ready, marketing and leasing campaigns, vetting the best possible renter while achieving the top rent, managing maintenance requests promptly, and more. A competent property manager is essential for long-term success.
The key is not choosing a property management company based on price alone. Look for one with experience, knowledge of the legislation, and a commitment to managing your property as if it were their own investment.
Investing in property is a long-term game. One of the key players on your team here is your Property Manager. They are the ones who will be managing your property ongoing. They play an important role to – guide the owner to make the property market ready, taking care of the marketing and leasing campaign, vetting the best possible renter while achieving the top rent, ongoing manage the tenancy and taking care of any maintenance requests in a timely manner.
The key here is not to be driven by the cheapest Property Management company on the market but to look out for the experience of the property manager, their know-how about the current legislation and their commitment to managing your property like it’s their investment.
3. Insurances & Compliance Checks
Property Investment is safe. Unlike other asset classes, you can take several insurances to protect your investment, such as Building Insurance, Contents Insurance and Landlord’s insurance. In Victoria, you also need to ensure your property is ongoing compliant for fire safety, electrical safety, and gas.
The best way to manage this is by letting your Property Manager take care of renewing insurance and engaging the company to do the compliance checks.
4. Tax Accountant
Property investment offers various tax benefits, including the ability to claim negative cash flow and property depreciation. To maximize your tax refund, it is essential to plan and collaborate with a professional accountant specializing in property investment.
The key is discussing with your accountant, the optimal investment structure for purchase and establishing a tax variation to receive refunds in each pay cycle rather than at the end of the financial year.
5. Property Mentor or Coach
When investing in property, there are a range of things to consider such as – location, type of properties, growth projections, rental yields, cashflows, borrowing capacities, new or established properties, settlement, ongoing portfolio review, exit strategy and a lot more.
The key here is to work with an experienced Property Mentor or Coach who are successful investors and are full-time helping others to invest in property. Remember your accountant, mortgage brokers, friends, family members and local agents are not the property investment experts.
TEAM SONI CAN HELP
While these tips can undoubtedly enhance your current investment strategy, attempting to navigate them independently can be overwhelming.
If you're seeking guidance to discover the perfect strategy for you or require assistance in reviewing your investment portfolio, our team is here to provide support.
At SONI, we provide you with tailor-made strategies that can significantly help build a multi-million-dollar portfolio of investment properties.
We simplify Property Investment with our Experience, Knowledge, and Passion.
To learn more, book your 60-minute no-obligation and Wealth Consultation NOW!