Maintaining Your Investment
Vacancy rates in Perth continue to remain at record lows and industry sources believe that they are likely to remain that way for some time. With net migration and ongoing constraints within the building industry, the current undersupply of both rental and owner occupier homes looks set to continue for some time.
As an investor, this is good news in terms of both passive rental income and capital growth in the short to medium term. However, we all know that property tends to be more of a long-term investment and needs to be able to weather both the ups and downs of the market. If you are building a brand-new investment property to rent out, you need to keep in mind the ongoing maintenance of the property. Even with slim pickings, potential tenants will always favour a well-kept property over a shabby one.
At the outset, you need to choose a reliable builder with a proven track record for quality. A well-built property with minimal defects at practical completion already puts you in front of the pack. As time goes on, you also need a dependable property manager that can take on desirable tenants, conduct detailed routine inspections and advise of and oversee maintenance works in a timely manner. All of this adds up to a property that is going to maintain both it’s appearance and it’s return on investment.