Top 10 Tips For Investing
In conjunction with BankSA, we presented their first Investor Workshop for 2020 on Wednesday the 27th of February. Amongst many of the great takeaways from the evening, one of our top resources was our 10 tips for investing. If you missed out on the workshop, we have provided them below.
Top 10 Tips For Investing
- See your accountant (tax structure is important) and outline your financial goals. WHY are you investing?
- Do your property research! For example – take note of school zones, public transport and local amenities such as swimming pools, sports complexes, shopping centres and hospitals. Public facilities attract tenants.
- Ensure you have Landlord’s Insurance – this is important. Ask your Property Manager for general advice – We advise that you speak with an Insurance Broker. Once you have chosen a policy, your Property Manager can set this up for you.
- Building Insurance should have some form of contents cover for items such as dishwashers, carpets etc. This is important as not all policies will cover this or offer the same level of cover on contents. Note tenants’ contents insurance does NOT cover your contents – only the tenants.
- Depreciation schedules must be done by a Quantity Surveyor – NOT by your accountant. A new property can claim tax deductions for the first ten years.
- Choose a Property Manager who does quarterly photo inspections (ensure that you receive a copy or have online access to your landlord portal to view them).
- Ask your Property Manager what kind of background checks they run on new applicants. These should include previous rental references, employment checks and personal references from credible sources – for example, a co-worker or a previous room-mate.
- Keep your property maintained, repaint the property every two to five years and update landscaping. This will increase the quality of tenant and the rental price.
- Pets negotiable will often attract families, who are generally long-term tenants – This is worth considering.
Interested in finding out more on investing? Register for our next Investor Workshop in conjunction with BankSA. Enter your details below to be kept in the loop for upcoming dates!
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