3 Tips to Achieve a Higher Return on Your Perth Investment Property

3 Tips to Achieve a Higher Return on Your Perth Investment Property

You’ve worked hard for your money, saved enough for a deposit and received mortgage approval.

Once you’ve found the Perth investment property of your dreams, it’s time to secure it and be smart about maximising your investment. Investment properties should be just that: a property you invest in to make money!

Sounds simple, right? Well, if you’re not equipped with the industry tips, or don’t have suitable property management in Perth, investment properties may be costing you more money than they’re worth. 

Want to know more about achieving a higher return on your investment? Read on to find out how.

Perth Investment Property Tip one: Spend money to make money

In real estate, you need to spend money to make money. You only have to watch television renovation shows like ‘Fixer-Upper’ and ‘Masters of Flip,’ to see how renovations can seriously boost worth. 

The bottom line is to keep your Perth investment property in top condition to attract tenants.

While complete makeovers aren’t always necessary, it’s crucial that as a landlord, you keep on top of repairs and maintenance.

Examples of property maintenance include:

• A fresh coat of paint, 
• Plumbing maintenance, and 
• Repairing electrical appliances, etc.

Just like house television shows, investment properties in top condition really do boost appeal to buyers and tenants.

Perth Investment Property Tip two: Offer modern conveniences

Dishwashers, washing dryers and walk-in robes: these are fixtures and offerings we often take for granted in modern homes.

However, not all landlords offer these ‘luxuries’ in their Perth investment properties. So, you may find that tenants are willing to pay a premium for them.

For example, for inner-city apartments, storage is key. In small dwellings, it’s crucial as a landlord to ensure enough storage space is available for tenants. Also, tenants may find additional parking spaces and more than one toilet appealing. 

As a landlord, be savvy and ensure your Perth investment property holds modern conveniences for the modern tenant.

Perth Investment Property Tip three: Be savvy

It’s important as a landlord to be savvy in multiple ways, to achieve a higher return on your investment. Here’s how:

• Consider offering lawn and garden maintenance

You may be able to increase your rent by offering this - charging perhaps an extra $50 in rent a month and costing you maybe only $30. That’s an extra $20 for you a month(you could even do it yourself).

• Don’t rush into choosing tenants

Reference checks are necessary to minimise turnover. Although you may want your investment property tenanted ASAP, let your property manager screen them. Not screening your tenants may cost you more money in the long term.

• Choose professional Perth property management

Thought Leaders are a boutique Gwelup real estate agency. Let the property management professionals help you achieve a higher return on your investment.

A higher return on your Perth investment property is achievable. With the right property manager, a property in tip-top condition and a savvy landlord mindset, you’ll attract the right tenants. 

See what’s possible with investment properties Perth property management: Thought Leaders.

Want to know more on maximising the return on your investment property? Contact Thought Leaders in Gwelup today to see what the property management Perth experts can do for you.