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Maximize Your Investment Property with Domenic Coniglio

June 30, 2023
by Sahar Ayubi

Domenic Coniglio
Business Development Manager at Schwarz Real Estate
0423 177 123

Hi, I’m Domenic Coniglio, Business Development Manager at Schwarz Real Estate.

My priority as BDM is to have a clear understanding of my clients needs and help them achieve their goals. Today I am going to share with you my biggest tips to ensure that you are getting the most out of your investment property.

1. Renovating to Add Value
Depending on the state and age of your property, you may want to consider renovating the home to increase its appeal. If your property is looking a little tired, minor renovations such as new paint, blinds and floors will refresh the look of the home.

A big draw card for tenants is the kitchen, creating more bench space or storage and including a dishwasher is a considerable bonus. If you have the capacity to add a home office/study space or another bedroom, this will not only increase your rental return, but also create more capital for the future. Additionally, offering extra amenities such as a gym, Wi-Fi may also stand your property out from the crowd. Bear in mind, you should determine the desired rent and create budget prior to starting renovations.

2. Tax Knowledge
Depreciation is a tax deduction that allows you to deduct the cost of your property over time. This can include the cost of the building, as well as any improvements you make to it. You can use this deduction to offset the rental income you receive, reducing your tax liability. A quantity surveyor will help you to determine what you can claim. This may cost you anywhere from $300-$700 dollars but could save you thousands in tax deductions.

3. Annual Rent Reviews
You should review your rental rate annually and increase it to keep up with inflation and the market rate. By researching the marketing and compared comparable properties, you can determine whether you property has gone up in value. Some landlords are fearful that they will lose the tenants, however if the property is priced correctly the tenants will stay.

4. Tenant Screening
Selecting the best tenants is one of the most important steps, upon checking Payslips, past rental history and character references, we are able to decide whether they are a good fit for your property.

5. Property Managers
Whilst you can self-manage a property, having a property manager can greatly reduce the level of stress in owning an investment. Day in and day out, they deal with legislation, landlords, tenants and property, they are more efficient in resolving repairs or any issues. Further to this, they are the middle man between the landlord and tenant, so the investment can stay strictly business and less emotional.

Thanks for watching, whether you are looking to purchase an investment, or you already own one, I hope you found this information useful.

For more information or a confidential chat about your investment proeprty needs, please do not hesitate to reach on 0423 177 123.