You may have read our series on investing in Mudgee real estate, so today we thought we’d add to the discussion with a note about maximising your returns. How?
In addition to the incentive we wrote about in our last blog post, you should take into consideration that Australia’s population is anticipated to boom and therefore will see more and more people seeking affordable housing, that will inevitably create more demand in regional centres like Mudgee.
Here are some great ways to maximise the returns on your investment property and reap the rewards that will come with an increase in rental demand throughout the Mudgee region. You can even apply these to your own home if you’re thinking of selling in the next 2 -10 years.
Keeping up to date is vital if you want to attract new buyers and tenants, especially those moving from the city. We will post some tips on improving your home on our blog shortly for you, so stay tuned!
Having a clean and airy space is essential for attracting quality tenants. If your property has been recently vacated, maybe take a week to assess the property and replace old carpet, paint walls and ensure all appliances and fittings are in perfect working order.
Maintaining fixtures, plumbing, electrical and general maintenance issues is tax deductible, not to mention will save you having to potentially deal with larger issues, so if you there’s a leaky tap, dodgy stove element, faulty hinge or anything of the like, it’s best to deal with it sooner rather than later.
Providing services such as garden/lawn or pool maintenance can be a safeguard against future problems if they’re not maintained by the tenant and can be built into the rental price. This can also help attract people who lead busy lifestyles that wouldn’t have otherwise been able to consider a property requiring garden/lawn or pool maintenance.
There’s probably an endless list of things you can do to your investment property or home to ensure it reaches it’s potential in rental or sale returns, but it probably depends on the home and current market conditions as to what you’d put your focus on initially. We’d be more than happy to recommend changes for you to help you maximise your returns on your investment. Give us a call at Professionals Mudgee Real Estate or send us an email.