Spring Property Health Check
With time being so limited nowadays with all the tasks we have to do, we often forget to do the things that are important to protect and safeguard our investments for the future and our family. With spring here, now is a good time to do an annual check of where things are at.
1 - Inspect your Property - Schedule in to attend the next property inspection with your property manager If you haven't attended one for at least 12 months or more. After all property managers are usually flat out and no one will take as good care or attention to your property investment as you will!
2 - Repairs & Maintenance - Consider if any repairs and maintenance matters need to be attended to, things you have put off or know need to be addressed sooner than later, budget and schedule them in as a better maintained property can potentially attract better rent and tenants.
3 - Review your Building & Landlords Insurance - Most people take insurance out and don't really look closely at what they are paying for and the level of cover. Now is a good time to check what you are covered for, what the building, contents values are and what level of landlord insurance do you have, is it enough to cover unforeseen tenant issues? Eg Inside pet damage when there was no pet allowed in the lease agreement...
4 - Check your Monthly Property Mgt Statements - You never know what you may find, check your rent amounts are correct, while property managers are required to notify you of rent arrears in NSW, they don't always, so best to have a look and make sure things are on track, are you being charged for things you don't know about?
5 - Review your Loans - Have you checked your interest rates and terms compared to what is available on the market, often the banks look after new customers and don't pass on the lower interest rates to existing customers. Compare on free websites such as finder.com or canstar to see where you stand and if need be talk to your broker.