Keeping Your Investment Property

Now that you have decided to keep your property for 10+ years, you can be comfortable that you will recover the cost of a full renovation.

Again, before starting any works you should take some time to do some planning.  Here are 5 things to consider:

  1. Do you have a current tenant?  If so, it’s best to give them notice (60 days minimum) that at the end of their lease you will not be renewing.
  2. Will you engage a professional service provider to manage your renovation?  Or do you have the time on weekends and during the week to spend doing the renovation yourself?  (A full renovation of a 1 bedroom flat will take a minimum of 6 weeks if work is completed Mon-Fri).
  3. Can you afford not to have the rental income coming in for up to 12 weeks? (6 weeks of renovations plus 4-6 weeks whilst advertising for a tenant).
  4. What type of person is likely to rent your property?  A couple, single male or female, a professional or a student?  This helps to understand their needs, which will help you with your design and fittings.
  5. What is a comparable rental rate for a renovated property like yours in the area?

phone keyboard penOnce you have answered these questions you are one step closer to starting your renovation.

For a full list of MaC Consultants services please visit our Services page.

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