How to keep your investments in great health
Investing financially is always a big decision and naturally people take the time to research options, gather all the information and make the best choice. However, one that investment step has been navigated, the critical part of the process is completely forgotten....
'How do I maximise this investment so it grows?'
Here are a few tips from the experts:
Regular reviews are the best way to get he most out of your investment property. Whether you have one property or a substantial portfolio, devoting time to assess the health of your asset will bring you peace of mind in your investment decisions. Reviewing and gaining knowledge about your investment can also confirm that the property is achieving the outcomes you expect, and potentially more!
Portfolio Health Checklist:
-Assess the market rental for your property.
-Ensure you have applied rent reviews (if your lease allows)
-Ask your agent for income and expenditure reports & BAS Report.
-Engage an accredited surveyor to prepare a Depreciation Report so you can understand all available deductions.
-Check your insurance cover is adequate.
-Check that premiums are acceptable.
BUILDING MAINTENANCE & IMPROVEMENT
-Can you add value to your building? (Such as new carpets or repainting) Can this be done before the market rent review?
-Fix small maintenance issues so they don't become big issues.
-Get the gutters cleared (Check if your lease allows this cost to be passed onto the Tenant)
-Read your Annual ESM Report to ensure your building is compliant.
-Review your financial position with your broker of bank manager.
SAVE THE DATE
The end of the financial year is the perfect time to review your investments. You can then begin the new financial year ready to maximise returns on your property, take full advantage of tax benefits and identify and minimise any building issues.
Chad Kendall is Head of Property Services & a partner at Facey Industrial Commercial .
0408 322 443