Once the hatches have been battened down, it’s important to chart the longer journey ahead.
Another issue to navigate is investors’ ability to keep up with increasingly stringent minimum standards and maintenance tenant rules introduced by state governments across Australia. While providing tenants with a safe and secure home is vitally important, some minimum requirements have pushed many owners into costly upgrades and renovations. It’s another added running cost that investors have to incorporate.
Given the increasingly rigorous tenant requirements, it’s more important than ever that property investors have a security chest, with access to cash reserves for improvements and maintenance costs.Further, upgrades and repairs should be identified and carried out periodically where possible, to avoid a massive impost all at once and to avoid any loss of income from disgruntled renters.