As a result of the latest Covid 19 outbreak there has been great volatility & uncertainty right at the end of the financial year. We believe that this is an opportune for you to review your property holdings. But, where to start?
We recommend that you review your investment across five(5) areas.
- Performance – How has your property performed over the past 12 months? What has been your income return and capital growth return on your asset? Have they met your expectations?
- Outlook – What is the outlook over the next 1 to 3 years? Will the current unstable rental market persist or will it turn around? Will long-term capital growth continue?
- Position – How does your property compare with competitive properties in the market?Is the asset tired? Does it need work – perhaps a new kitchen, bathroom or other? Because a glut of new properties has come on to the market, your property needs to be well presented to compete and deliver you income in the shortest possible time. If there has been an inadequate capital spend over the years there is every possibility that your rental income will depreciate in this current market glut.
- Compliance – As a landlord you are required by the NSW Government to meet the latest regulations as they relate to the Residential Tenancy Act. These include standards for habitation, smoke alarm obligations, disclosure requirements etc. You can place yourself at significant financial risk if you are not compliant as it opens the door for exploitation by tenants.
- Income – Revenue and Expenses. Are you currently receiving market rent for your property? Do you have high quality tenants that pay consistently? Are there areas of savings across expenses? For example insurance?
If you need assistance with your property please feel free to contact me. Be it Sales or Management we are here to assist you with your property.
John Wills
0467 443 838
Here at Wills Property, we boast a range of property management services dedicated to helping you achieve the result you want. Call us today or browse our range of properties available for inspection.
