Top tips for investment property owners

Deborah West of SydneySlice Executive Rentals shares her top tips for investment property owners:

Get landlord insurance: Landlord Insurance provides a range of protections that are not covered by standard home buildings and contents insurance.

Depreciation: Investors are often unaware of the tax deductions available through property depreciation. Negative Gearing: Make sure you claim all expenses, for example if you are living overseas you maybe can claim the cost of an airfare to inspect your property.

Review rent annually: Increase your rent by small amounts annually depending on the market.  Small increases every year ensures your tenants don’t get a big shock and leave.  Also means they get used to the increase annually. 

Time lease ends: Time lease end dates to be at times in the year when there is the most demand.  Usually around September-November or February-April. Try to avoid a your Lease ending in December or early January.

Maintenance: Regular maintenance will add value to your investment and ensure you get top rent.

Review your loan: Make sure you are getting the best interest rate.

Consider pets: If you can allow pets in your property some pet owners will be happy to pay a premium for this benefit. Just make sure you have pet clauses included in your lease.

Deborah West is joint principal and founder of SydneySlice and a licensed estate agent.