Managing your investment property
The way you manage your rental property can impact both the returns you earn and your personal enjoyment of being an investor. Here’s what you need to weigh up.
For some investors, self-managing a property can be very rewarding. Taking a hands-on approach can also bring financial benefits. By saving on the cost of professional management fees, it’s possible to boost your returns.
However, deciding on whether you will manage your property yourself or pay a professional to do the job, isn't just a question of whether you have the time and enthusiasm for DIY management.
Being a landlord brings a variety of legal responsibilities, and using a property manager can provide peace of mind that everything is being run properly – from lodging rental bond to promptly organising repairs.
No matter whether you manage the property yourself or outsource to a professional, being an investor also involves meeting the costs of owning a property.
Regular expenses can include repairs, maintenance and rates or strata levies. Other costs can be annual, like insurance premiums. Some costs can be harder to predict like the need to replace worn out appliances.
While many of these costs are tax deductible, you need to be able to pay them when they arise. Drawing up a budget for your rental property can let you plan ahead to manage the outgoings.
Shopping around for a good deal on various property costs can make sense. But don’t overlook opportunities to boost rental income. A few budget-friendly improvements can let you enjoy an uptick in rent, while potentially adding to your property’s value. Kicking two goals, with one project? It can be done!
In this chapter
Take the next step to buying your first home.
Taking a hands-on approach to managing your investment property can see you save on professional management costs.
You may be tempted to manage your own rental property, but there can be good reasons to use ...
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