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As a property investor, maintaining your rental property is vital for attracting quality tenants and ensuring your asset stays in top condition. Summer provides the perfect opportunity for upkeep and future planning. Here’s your summer property investment checklist to help you make the most of the season.
1. plan for lease renewals
With many leases ending around the holiday period, this is a good time to assess whether you’d like your tenants to renew. Talk to your property manager about incentives, such as minor upgrades or rent adjustments, to encourage tenants to stay. Retaining good tenants reduces turnover costs and potential vacancies.
2. prevent sub-leasing
If your tenants are students or plan to travel during summer, ensure they aren’t sub-leasing your property without permission. Check if sub-letting is allowed in your lease agreement and require written approval before any arrangements are made. It's essential to know who's staying in your property for legal and safety reasons.
3. perform a security check
Summer often means holiday travel, and your rental property could be left unoccupied. Make sure all doors and windows have functioning locks, security lights are operational, and any installed cameras are working. If your tenants will be away, take extra steps to secure the property and avoid potential break-ins.
4. schedule repairs & maintenance
Summer is ideal for tackling repairs and upgrades. If your tenants will be away, ask for permission to handle tasks like painting, refinishing floors, or upgrading the bathroom. Don’t forget to check outdoor areas like decking and tiles. Arrange tradespeople early, as they tend to book up over the holiday period.
5. clean out gutters & the garden
With fire risks and hot weather, summer is a critical time to clean out your gutters and refresh your garden. Remove debris to prevent blockages and fire hazards, and consider adding mulch or flowering plants for a seasonal update. Make sure the BBQ and outdoor areas are in top shape for tenant enjoyment.
Looking to Expand Your Portfolio?
If you’re thinking about adding more properties to your investment portfolio, now’s the time to get your finances in order. Here are some important steps to consider:
1. review your borrowing power
Understand how much you can borrow by reviewing your borrowing capacity with a financial adviser. If you own multiple properties, you may be able to use the equity from your existing investments as a deposit for your next purchase.
2. secure pre-approval
Getting pre-approval for a loan ensures you’re ready to act when the right property comes along. This process clarifies your budget and helps avoid delays when making an offer.
3. engage a property manager
If you don’t already have a property manager, hiring one can make expanding your portfolio much easier. A property manager handles tenant communication, repairs, marketing, and rent collection, allowing you to focus on growing your investments.
4. screen tenants thoroughly
Finding the right tenants is crucial for long-term success. Take the time to screen applicants properly, ensuring they are a good fit for your property. This prevents costly vacancies and reduces the risk of future issues.
5. get a handle on your cash flow strategy
Regularly reviewing your cash flow is essential for financial stability. Whether your strategy involves positive or negative cash flow, it’s important to understand how your property is performing and adjust your plan accordingly for long-term growth.
By following this summer property investment checklist and planning for future growth, you can maintain your property’s value and maximise your returns.
