Investment in property is one of the most stable forms of growing your wealth. Whilst markets change, and prices of property rise and fall, the cycle always continues. The key is to buy when the market is down, and sell when the market is up – this will almost always guarantee a return on your investment. If you would like to grow or start an investment portfolio, talk to your local Professionals Agent to find out more about what options there are for investing in property.
As an investment property owner, you want to know that your property or properties are being managed by a team of professional, ethical and caring people. This is what Professionals strives to achieve for all of their investment property owners (Landlords). Professionals can offer you a personalised service, from purchase through to finding a quality tenant who will treat your property as their home. We pride ourselves on quality of service.
Property management is an industry that undergoes legislative changes constantly, so it is important that you can be assured your investments are being managed by people who are informed and follow the right procedures to get the maximum return for you. By choosing Professionals, you are choosing a property management service that is fully versed in all aspects of property management and who understand the obligation of landlords and tenants.
Your responsibilities as the owner
Owning an investment property is one of the most popular methods throughout Australasia for acquiring wealth.
However, you’ll need to be aware of the sorts of responsibilities that you will have as an owner. The most obvious responsibilities are:
- To provide the premises in a reasonable state of cleanliness and repair having regard for the age, character and prospective life of the property.
- To comply with all requirements in respect of health, building and safety laws in so far as they apply to the premises.
- If you are the handy type, you may wish to carry out some repairs and maintenance yourself to the required standards.
- The owner is responsible for ensuring that the property is kept in good condition. Some expenditure incurred for repairs (not of a capital nature) can be an allowable tax deduction against rental income.
How to set a fair rental price
Setting a rental price is one of the most critical decisions you will make as the owner of the property. Your Professionals property manager is best qualified to assist you with determining a fair market rental value for your property.
The condition of the property must be considered when assessing rent. Location of the property is also relevant, as is the length of term offered.
Some owners make the mistake of setting the rent too high and consequently not attracting a tenant. This will waste your advertising dollar, along with the loss of potential rent whilst trying to secure a suitable tenant willing to pay the higher rate.
We hope you’ve found value in the information provided. Please note that this information is intended as a guide only. Professionals companies, members, directors, offices and employees do not give warranty as to the accuracy, reliability or completeness of any information provided on this website and shall not be liable for any loss or damage suffered as a result of anyone relying on information provided. Professionals recommend you seek independent advice from your own real estate, financial, taxation, and legal advisors before entering into financial or other transactions.
If you’re a renter, read further here for our renting tips.