2022 Resolutions are in the air....
It’s the time of year when resolutions are in the air. Gym memberships, a new hobby, a new diet, travel, and of course financial goals. Let’s face it, who doesn’t want to maximise their finances for the year!
This rings true for our landlords specifically. The new year is a perfect time to reflect on the financial status of your investment property for the year that was and adjust it for the year ahead.
One of the main financial factors that should be reviewed as we enter 2022 is your landlord insurance policy. Now is the perfect time to reach out to your current insurer to find out the details of your cover and if you should consider a different coverage. You may also wish to compare insurers to make sure you are getting the best cover for your situation. It has been particularly important for landlords to check the cover if a tenant is unable to pay rent, in 2022 we recommend this as an inclusion in your cover. Realestate.com article What is landlord insurance and what does it cover - Erin Delahunty says "'As with any type of insurance, shopping around is the key to getting the best cover. While it’s crucial to check off a few key items in potential policies – such as the terms and conditions, what is and isn’t covered and the excess – there’s generally plenty of “wriggle room” in the actual pricing." To see the full article click here .
Another main factor to consider is of course your rental price. Here at Property Boutique, we are actively working behind the scenes to keep our landlords up to date with current market analysis and advising appropriate rental increases. In the current market, our agents are achieving premium prices for our current landlords.
And finally – attend to any outstanding maintenance. Staying on top of maintenance at your property may incur outgoing expenses, however it also allows your agent to achieve a maximum rental price. A property that is kept well is more likely to attract a premium price.
If you'd like to know whether your investment property is reaching it's full potential, contact our Property Management team today on 1300 20 55 70 for your free appraisal or email [email protected].
DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. Property Boutique will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.