Treat it like a business
If you want to get the best possible returns on your investment, then you need to start treating like a business and not a hobby. Some tips below on how to become a business owner of your investment:
ATTEND THE PROPERTY
Best decisions can be made after eyeballing a property. While your property manager will usually send you photos and a report, there is nothing like being present and seeing firsthand the state of your property.
BUDGET FOR IMPROVEMENTS
Too many owner investors, don’t budget for maintenance let alone improvements to their property. Every business needs investment made into maintaining and future improvements
As any business, you need to know your worth. Get an annual Rental and Sales appraisal each year to keep track of how much your investment property is worth.
Discover what your home is worth in today's market
REVIEW OF FINANCING
You should review your loans at least once a year. If your broker or lender is not giving you the best possible interest rate, then it might be time to consider re financing.
You should also review your tax planning with your accountant twice yearly. Once at the beginning of the financial year, then halfway through. This allows you to plan and allow for any changes in your financial circumstances