7 New Year resolutions for landlords
While we are in the second month of the calendar year, we have just celebrated the Chinese New Year, so it’s still timely to suggest some resolutions for property investors for 2025.
This year, it’s the Year of the Snake; apparently, it’s all about strategy, transformation, and smart investments—qualities that perfectly complement property investment!
So now is the time to shed the old ‘bad habits’ investor skin and start growing a new ‘good habits’ skin.
Here are seven suggestions to help you start 2025 and the Year of the Snake on a good footing – and as a result, hopefully more profitable!
- Take care of you
First and foremost, take care of yourself in 2025. Modern living is busy, but take time to breathe, relax and recharge. Whether it’s a walk in the park, a trip to the gym or a cosy movie night in, self-care is essential for a balanced and productive life.
- Get on top of finances
We never know what’s round the next corner, and although the economy has been relatively stable in recent months, make sure your finances are in order, and try to ensure there is some flexibility to adapt to any market changes.
Separate rental property finances and personal finances so you have a clear financial picture of the costs associated with each. Some investors have separate bank accounts to avoid confusion with their household and investment property income and expenses.
While interest rates are predicted to drop, understand your loan-to-value ratios and if necessary, try to reduce your interest rates where possible.
- Be proactive with your planning
Start 2025 by setting clear and actionable goals. It’s always easier to break down larger objectives into smaller, manageable steps. Whether it’s refining your investment strategy, improving your property, or putting a bit extra into your super fund, having a goal will keep you focused and motivated.
Now is the time to do a bit more research, and if you find a better offer, switch insurance providers, or try negotiating a better deal on your mortgage.
- Keep an eye on the law
Towards the end of last year, new laws were introduced aimed at creating a fairer and more balanced market. While these changes offer greater protections for tenants, they also bring new responsibilities and challenges for landlords.
For instance, if your situation has changed, and you’re planning on selling this year, the required notice period for renters in a fixed-term lease before their lease ends has increased to 60 days for leases of six months or less, and 90 days for leases longer than six months.
Take a look at our updates to see other changes in the legislation.
- Optimise properties to maximise returns
This could mean doing some simple upgrades, like enhancing security, installing more energy efficient applications, or redecorating.
Regardless, ensure you’re on top of maintenance and your property is in the best condition it can be to reduce long-term repair costs and ensure tenant satisfaction.
- Employ a professional accountant
A good accountant is worth their weight in gold! With the ATO announcing the expansion of its data-matching program at the end of last year, a good accountant will know exactly what you can and can’t claim for, and will ensure you’re acting within the law.
See our update on the expansion of ATOs data matching program here.
- Capitalise on experience
Having been managing property for nearly 50 years, as well as saving you time and stress which can sometimes go with property management, our team, headed up by award-winning Kellie Andriessen, instantly adds value delivering excellent customer service for tenants; we have a team of quality tradespeople to call on for regular maintenance and emergency situations, and give you with hints, tips and information to ensure you’re making informed decisions.
Our team is always available to attend to requests when they come in, and with our regular inspections, we quickly pick up on any maintenance or repairs, and ensure they are completed cost effectively and in a timely manner; in doing so, we are keeping your property in the best condition it can be.
Plus, we know the law; this means your property will be adhering to the latest legislation, and communications with tenants will be appropriate to the situation.
Our rental return is kept in line with the current market, and we find quickly find new quality tenants to avoid a vacant property.
With many of our team having investment properties themselves, we treat every property as if it’s one of our own.
Furthermore more, our online landlord’s portal gives you all the information, financial and otherwise at your fingertips, and our property management fees are usually considered tax deductible.
Drop into the Cardiff office or give us a call on 02 4956 9777. Or send us an email at mail@newcastlepropertymanagement.com.au – we’ve helped many people realise their financial dreams through property and want to help you work towards your 2025 financial goals.
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