Is It Time To Take Out A Small Loan And Spruce Up Your Investment Properties?
It seems like there is only one way the interest rates are going to go and that is UP. With two interest rate increases now we can be fairly certain that we will not see that record low interest rate again anytime soon, if ever.
This would make you wonder if it is worth borrowing a few extra thousand while the rates are still comparatively low and give your properties a quick facelift. Remember to contact your quantity surveyor and find out about your tax depreciation allowances.
Suggestions would be to:
· Do a quick coat of paint throughout
· Replace damaged flooring
· Upgrade taps and other fittings inside
· Replace the kitchen bench top
· Spruce up the bathroom
· Upgrade security and fly screens
· Gurney the concrete paths, concrete fences, roof and depending on the wall coverings, the outside walls as well
· Tidy up the gardens, put in edges, paths, cut down trees
Not all properties would need this full list of improvements and most of it would not cost too much. It would be fair to say that they would all give the chance for a rental increase. Upgrades of this sort can be very worthwhile as they cost a comparatively small amount of money but the return on the cost can be very good.
It seems to be a practical idea to do this now when you could perhaps take out a personal loan at a reasonable rate and get the work done. It is investment strategies like this that helps grow an property investment portfolio.
Another advantage is that as properties increase in value over the next 12-18 months any improvements you do now will also increase exponentially.
Filed Under: Investment Strategies • Property Investment Tips • Tax Tips
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