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Why improve my investment property

Almost every landlord has entertained carrying out improvements or capital projects to their investment property.  Now more than ever, items that were once considered a luxury (think about good quality heating and cooling, built in wardrobes, dishwashers, high speed internet and outdoor entertaining area's) are becoming standard requirements.  Not only do these items attract good quality tenants that tend to stay in properties longer, they attract higher rents and returns.

As tax time is nearing, now more than ever is the time to consider spending money to improve your asset and increase your return - particularly in the current environment of low interest rates.

Replacing old window treatments, carpets/lino, outdated appliances, painting, replacing broken fences, and garden makeovers are all great ways to quickly smarten up your home and increase your rental return.  Mostly these items are 'claimable' in the tax year too, adding to the benefit and return.

Bigger investments, like pergolas, outdoor entertainment area's, shedding, installation of heating and cooling systems, landscaping gardens and new bathrooms/kitchens are also excellent ways to maximise your return and earn you valuable depreciation dollars.  Additionally they add to the value of your home/investment.

The trick is knowing which renovations are going to increase the value of your asset and bring in higher rents, so you can avoid overcapitalising on it. If you are considering taking on any of these renovations and would like some information on rental values with improvements, please call us - that is what we are here for!  We have access to great RP Data tools that can give you accurate comparisons.  Additionally we can assist to obtain quotations for replacement items.  

It is important to keep track of what you spend so that you are well positioned to make a claim at tax time.

Of course, if you are seeking an investment or personal loan to undertake some of this renovation or refurbishment work, get in touch with Beyond Bank.  Area Business Development Manager, Anna Baric and her team are a great source of information and have excellent products tailored to landlords seeking this type of improvement.  You can contact Anna on 0438 868 010 or visit www.beyondbank.com.au

While interest rates are so low, it is also a good idea to revisit your mortgage and capitalise on the very low interest rates around.  Beyond Bank Australia have a range of deals that may be just right for you and your personal circumstances, starting with a variable rate of just 3.99%.  Beyond Bank are committed to guiding you with the right advice, tailored to suit you.  They are a lovely bunch and the info is free, so please give them a call to see if they can benefit you.