With Valentine’s Day fast approaching, most people, to be fair, probably haven’t given their investment property a second or even third thought. 

But Valentine’s Day is the perfect time to show your investment property some love, especially since the colder days of autumn and winter are fast approaching. 

Consider some cosmetic improvements 

Making some cosmetic improvements is the simplest way to show your rental property some love and improve its value and appeal.

Better still, the changes don’t have to cost and arm and leg as they don’t affect the structure of a property. These simple hacks could include painting some walls, updating the carpet, installing new blinds or curtains, or changing the fixtures and fittings in the kitchen and bathroom.

Compared to significant structural changes such as adding a new room to the investment property, they give you relatively more bang for your buck as they usually make more of a visual impact on your tenants and reduce the risk of overcapitalising the value of your investment.

Nonetheless, with the shortages of tradies, it’s best to get onto these jobs pronto to ensure you can claim these expenses in this tax year. 

Love thy tenant! 

Keeping a good tenant is critical to investment property cash flow. Not only will good tenants look after your property but retaining them reduces the advertising costs associated with finding new renters. 

Show your tenants some love by promptly addressing any issues, requests, or repairs. Take a leaf out of the Valentine’s Day playbook and send them a gift – maybe red roses are a bit much but a box of chocolates, or a bottle of wine could do the trick when they agree to renew the lease is a nice touch. 

With the colder weather coming up, if your rental property is a house, be sure to hire a roofing specialist to check drains, pipes and tiles before the rains come. 

With the colder weather approaching, a chimney sweep will ensure the chimney is not blocked with soot. If a gas fire heats your property, the sweep will check the flue outlet is not blocked or obstructed, as this can prevent dangerous carbon monoxide from escaping the property. Better still, you can claim these rental property expenses against your tax. 

As a property investor, there is a range of tax deductions that you can claim. If you haven’t done so, you should order a tax depreciation schedule for your rental property. According to depreciation specialist BMT, these deductions can save investors between $5,000 and $10,000, which sounds like a pretty good Valentine’s Day present in my book. 

Your Raine & Horne Property Manager can answer all your questions about maintaining your investment property in tip-top shape.