Plan ahead to maximise your investment’s potential
Landlords who postpone a rental appraisal until after their tenants move out can run the risk of their property being vacant for longer than necessary.
LJ Hooker Commercial Executive Agent, Broker and Valuer Derek Wallbridge said landlords often left it too late to consider improvements which could add value to their rental property and in turn, increase returns.
“Landlords often leave it until their tenants have moved out to do an appraisal with their property manager,’’ said Mr Wallbridge.
“The property manager can identify additions or improvements to the property which could add value and rental income to the investment.
“However, depending on the nature of the improvements, it will take time to complete the works – from sourcing quotes, to finding available tradesmen, completing the works and cleaning. Value-adding is an investment and it can be disruptive to a landlord’s revenue stream.
“Conducting an appraisal while the property is still tenanted allows landlords to budget for the proposed additions, source tradesmen or materials required and reduce the amount of time the property will be vacant,” he said.
“It’s really easy to organise an appraisal and it allows investors to understand the potential of their property investment.
“For an obligation free appraisal contact Derek Wallbridge on 0418 845 188 or firstname.lastname@example.org