Home for Sale Perth: Don’t Let Investment Properties Deteriorate
- Published on 10 July 2012
Owning an investment property built by WA Home Builders at a time when vacancies are low and rental prices are high is an investors dream.
However unlike other forms of investments, when you own an investment property you have complete control over your asset. This means you are solely responsible for how the property is treated and maintained.
The most common mistake owners make is allowing their investments to deteriorate due to lack of maintenance. This type of attitude is counterproductive because in the long run you will be losing potential capital growth. The property won’t increase as much in value, you won’t be getting the best return in terms of rent and tenants will have equal disrespect for the property.
Low vacancy rates does not automatically mean high rental income if your property is not up to scratch. The best investment properties have an ongoing maintenance program and get occasional upgrades. These expenses are tax deductible and will result in higher returns in the long run. As an owner you should allocate a budget for making sure your property is kept in good condition, which has the added benefit of helping to avoid costly repairs in the future.
If you don’t have time or skills to oversee your investment properly, the best way to ensure that your property does not deteriorate over time is to hire a professional who is well versed in property management. They will take care of all your property needs and ensure your property stays in good shape. This will protect the long term returns on your investment property.
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