Maximising return from your Queensland investment property
The trick to ensuring your real estate investment venture is successful is maximising the return from your property. Whether it's through capital growth or rental income, the money your rental home makes is how you can judge if your investment was a wise one to make.
Meet the market
If you've owned an investment property for a number of years, but haven't ever changed the amount of rent you charge, it might be high-time to consider doing it. Failing to meet the market with your weekly rent could lead you to missing out on receiving more for your home. On the other hand, if you're charging too much you might find it hard to secure tenants, leaving your property vacant for longer periods.
Take a look at similar rental properties to yours in the area and adjust your rent accordingly.
Minimise your outgoings
It only makes sense that lower outgoings result in more income for you to enjoy. Look at how much you're paying for expenses associated with your property and try to find a way to reduce them. For instance, choosing a more competitive property insurance package, cheaper maintenance services and a better mortgage interest rate are all ways to reduce your spending.
There's also the option of taking advantage of tax deductions for investors. Costs for body corporate fees, insurance, maintenance, repairs and property management services can all be claimed as tax deductible expenses, allowing you to enjoy more of your income.
Beginning to accumulate a large property portfolio and can't find enough hours in the day to manage it? Mismanaging or neglecting your properties could potentially lead you to lose money. However, by hiring a professional to manage your properties, you can be assured your investments are looked after and are producing the returns you'd like to see.
Property managers will ensure your tenants pay rent on time, repairs are made in a timely manner and the weekly rent meets the market so you can get the most out of your home.
Making the right choice
Buying an investment property is easy, but choosing the most suitable one for your portfolio and the best strategy can be difficult – especially if you don't have the right property education. This is why it's crucial you enlist the help of a property mentoring expert. They'll be able to help you find a home in a location with a lot of potential and get you started on your journey to wealth creation.