Maintenance Cycle for Rental Properties’ Fixtures and Finishes


Maintenance Cycle for Rental Properties’ Fixtures and Finishes

There’s a kind of cycle that happens. It might be every four years or it might be every six years. But then there comes a time in the lifespan of the rental property where you’ve got to go back and give it a good spruce up again.

Depending where you see it in the market, it would often make more sense just to go in there and resurface that and get another five years out of it than it would going in and just replacing the whole thing.

With rental properties, you are improving some of those fixtures and finishes regularly much more than you would with your home.

Because I know with some of my properties have got like four or five people living in the property.

I know the bathroom is going to need to have been completely redone every five to seven years, not every 10 years. So I know that kind of wear-and-tear affects it as well.

If you’d like to know more about renovation and how to save you time and make you money, download my ebook Renovation tips and tricks https://investorschoice.com.au/renovation-tips-&-tricks

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3 ways to make money with a property


Most people only have one property investing strategy and they take a stab at buying the right property at the right price to get them to the goal they want…

Clever people have a back-up strategy so that if one of the strategies doesn’t work, then they have a strategy to fall back on.

My Trid3nt Strategy is a three-pronged, low-risk strategy. It gives you Plan A, B, and C. Just in case one goes wrong, you have two more to fall back on.

You now have three property investing strategies that can work together as well. So what are the three strategies?

First of all, making money when you buy. Do your research, know how to negotiate, and buy below the market value.

Second, create money out of thin air, by creating equity through a renovation, which also allows you to push the rent up!

Finally, buying in an area that is set for high capital growth. This will make you money in the long term. And that’s the Trid3nt Strategy

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Investing on Kitchen Renovations


Investing on Kitchen Renovations

I’d start with looking at what the comparable sales are of the renovated properties and what the fixtures and fittings and the fit-outs looks like for those properties.

Because we’re talking about $12,000 and then we’ve got plumbing and tiling and white goods etc. You’re going to hit $20k pretty quick for that kitchen. But $20k as part of 2 million, we’re talking like a 1% cost you know of what the property is.

I think the thing is that the kitchen in itself is going to be a selling strategy. Just work out how much you need to spend on it. And it’ll be around those comparable sales of properties that are in your suburb.

If you are interested in completing a self assessment whether you should fix or not download this ebook https://investorschoice.com.au/shouldifix

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Suburb selection


Buying an investment property involves a different mindset than buying a home.

When choosing a suburb, you need to look at these 4 factors:

Factor #1 – Future Growth

You may not be able to predict the future, but you can look at certain indicators to get an idea.

Pricing pressure from suburbs closer to the CBD, income and population growth to name just a few

Factor #2 – Demographics

Knowing what your tenant (and future buyer) wants is vital.

That is why buying the ‘typical’ property for the suburb is crucial.

Factor #3 – Suburb Gentrification

This is a change of fortune for the suburb.

This may mean a change in the people who live there.

Increasing incomes, even the odd organic store popping up.

There are signs that you can watch for.

Factor #4 – Supply and Demand

How does supply and demand factor into your suburb choice?

As an investor you want renters, so making sure there is a healthy demand for the ‘typical’ property but not an oversupply will keep your property from being vacant.

Make a time to talk to one of our experts to find out just how far away you are to setting up your future now https://investorschoice.com.au/bookacall

Suburb selection


Can you really predict the future growth of a suburb you’re considering?

You may not be able to predict the future, but you can look at certain indicators to get an idea.

Look to the past to get an idea about area growth over the years.

A capital growth for the suburb that is equal or better than the city’s average is a good start.

Also, don’t forget to research all the factors that can impact your property’s future capital growth.

Things like:

Pricing pressure from suburbs closer to the CBD
Growing income in the area, which indicates gentrification
Low vacancy rates and rising rents
New infrastructure
School catchment zones

One of the most common causes of capital growth is the ripple effect.

The ripple effect happens when buyer demand and increased property prices causes a “ripple” outward away from the CBD into other suburbs.

This means that buyers who can’t afford the suburb of their choice, because of price increases look to the next-best suburb.

Often this nearby suburb is lower-priced – until the subsequent demand reaches them.
And then the ripple effect pushes into the next suburb, and so on

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