1. New Year Resolutions for Property Investors
The start of a new year is the perfect time to set fresh goals and reassess priorities. While classic resolutions like ‘exercise more’ and ‘save money’ are always popular, why not include some goals specifically for your investment property? Making smart resolutions now can help you maximise returns, stay ahead of industry changes, and ensure your property remains competitive in the rental market.
2. Resolution 1: Review Your Insurance Cover
Regardless of whether your policy is up for renewal, the beginning of the year is a great time to review your insurance and ensure you have the right level of coverage. Check your landlord insurance policy to see if it adequately protects you against potential risks such as tenant damage, rental loss, or legal liabilities. With rental laws and market conditions constantly evolving, ensuring your insurance meets your needs is crucial to safeguarding your investment.
3. Resolution 2: Stay Up to Date with Legislative Changes
The property investment landscape is always changing, and keeping up with new rules and regulations is essential. Recent years have seen significant shifts, such as the introduction of rental reforms across various states, including:
- Making it easier for tenants to rent with pets
- Banning rent bidding
- Imposing minimum property standards
- Capping rent increases
- Restricting ‘no grounds’ evictions
- Allowing tenants to make minor modifications
Changes in legislation can directly impact how you manage your rental property and may also affect your insurance requirements. Staying informed ensures compliance and helps you adapt to new requirements without unexpected surprises.
4. Resolution 3: Give Your Rental a Facelift
Even in a landlord’s market with high demand and limited supply, keeping your property well-maintained and appealing can help attract high-quality tenants willing to pay premium rent. Small improvements such as a fresh coat of paint, updated fixtures, or modern landscaping can make a big difference. Investing in maintenance and upgrades not only enhances tenant satisfaction but also protects your property’s long-term value.
5. Resolution 4: Organise Your Paperwork
Getting organised is a timeless resolution, and when it comes to property investment, it can save you time and stress in the long run. Start by reviewing important documents such as:
- Lease agreements and tenancy records
- Maintenance logs
- Tax-related paperwork
- Insurance policies
- Property inspection reports
Having your records in order makes it easier to track expenses, comply with legal requirements, and prepare for tax time efficiently.
Final Thoughts
Setting new year resolutions for your investment property can help you stay proactive, protect your assets, and maximise your returns. By reviewing your insurance, staying informed about legislation, maintaining your property, and keeping your paperwork in check, you set yourself up for a successful and stress-free year as a landlord. Here’s to a prosperous year ahead!
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