With vacancies on a slight rise and rents plateauing in most areas around Perth, many property investors are focusing on finding properties that they can improve to create more revenue from rent.
Using your Property to Increase Revenue
Those who invest in rental properties are investing not only in property, but in lifestyles. People have different expectations when they rent properties. Some want to be in the inner ring of suburbs where they are close to more amenities and to the CBD. Many are willing to pay higher rents for homes that are fit and furnished to a higher quality.
For example, a dishwasher, security and air conditioning are seen by many renters as essentials on the middle to upper end of the rental market. A split reverse cycle air conditioner allows tenants to both heat and cool their property, depending upon need. These three improvements alone can increase rent by as much as $40 per week and decrease vacancy time due to increased demand.
Outside appearance is another factor in the allure of a rental property. A well-maintained garden can make a big difference in rental and vacancy. Many landlords are contracting gardeners to keep their grounds attractive and building the expense into the rent.
Increased Revenue through Mortgage and Financial Planning
Having a great financial planner and a great mortgage broker on your side can do a lot to help you maximise revenue from investment properties. Your financial planner can help you organise your finances by working with you to solidify investment goals and formulate a plan to help you achieve them. Once you are executing your plan, you can begin the process of buying property.
A mortgage broker is important because they have access to many different credit products from many different lenders. Why restrict yourself to one lender when you can choose from many?
To talk to a financial planner or mortgage broker in our Perth office, call (08) 6462 0888.
