How to Make Property Investment More Profitable
Just about anyone can invest in property these days. With a plethora of options available and numerous ways to finance purchasing them, more and more people are building a portfolio of investment properties.
Investing in property can be a very lucrative enterprise, but to succeed in doing so is not a simple feat. Not everyone who invests ends up being successful, but success in real estate can be easier achieved by following a few simple steps. Below are some of the steps you can do to ensure your investment yields profits.
- Select Profitable Property
What makes a property profitable? Primarily, it is one that a lot of people would want to live in. This means it should be attractive, clean and spacious. It should also come with all the right amenities, such as a garage and a good number of bedrooms and bathrooms. It should be located in a convenient and desirable location, preferably in a peaceful neighbourhood near good schools, business districts and leisure facilities. It should not be prone to natural disasters like flooding and earthquakes. This type of location will ensure not only constant demand, inflow of tenants and consequent income; it will also ensure a significant growth in value.
Don’t be fooled by cheaper properties – while they may seem to give you more value, in the long run they won’t be as profitable. Cheap properties are often cheap for a reason: no one wants them. If you want to secure profits, better opt for good properties with competitive values.
- Order Pre-Purchase Inspection
To get a complete and detailed report of your property, a thorough survey should be done by a professional. To the untrained eye, trails left by timber pests go unnoticed. Structural damage caused by moisture and other factors can also escape your attention. At Inspect It, our expert inspectors use sophisticated technology to deliver a comprehensive and detailed report of the state of your property. We also use photographs to help you get a clear picture of what we discover.
Pre-purchase inspection is not only necessary to ensure the integrity of the property you are buying, but also to prepare you for future repairs and ensure that your building complies with safety standards. It’s also good for preventive maintenance.
- Spruce up Your Property
Adding new window treatments, re-tiling the bathroom, doing a bit of landscaping and adding a fresh coat of paint to the walls – all these renovation projects can make your property even more appealing to tenants.
- Attend to Tenant Needs Immediately
When you have tenants in the property, make sure you attend to their needs as soon as possible. While constant complaints about the leaky roof or damaged floorboard may be annoying, you need to attend to these complaints immediately for two reasons: first, attending to these concerns will develop a good relationship between you and the tenant and will make it less likely for your tenant to move out the moment his lease is over. Second, fixing these damages will ensure that they don’t get worse, cost you more and cause more damage to your property, which can lower its value in the long run.
- Hire a Professional Property Manager
A professional property manager can efficiently maintain the integrity of your property by ordering building inspections and maintenance work. They can also collect rent promptly and make sure all your tenants are good, quality tenants.
While investing in property can be a gamble, you can avoid unnecessary risks by taking certain measures that make sure your property is always profitable. Inspect It is your partner in ensuring that the property you’re buying is in tip-top shape. To put your mind at ease and prevent disasters resulting from structural damages, we offer pest and property inspection in Sydney. Call us today and inquire about our efficient services.