Today, I’ll be discussing four effective tips on how to offset the higher holding costs of your investment property, particularly in the face of rising interest rates.
Tip #1 – Consider a Refinance
With interest rates on the rise, it’s a good idea to explore refinancing options. Start by reaching out to your current lender and inquire about their offerings.
Compare their rates with what other banks are providing. You might find that switching to a different lender offers a better introduction rate.
However, be sure to assess the long-term rates as well to make an informed decision about refinancing.
Tip #2 – Invest in Property Renovations
Renovating your investment property can significantly boost its rental income. Consult with property managers to get expert advice on how to improve the property’s appeal and value.
Simple upgrades such as creating a better outdoor living area, freshening up the interior with a new coat of paint, or adding an extra bathroom or ensuite can attract higher-paying tenants and increase your rental returns.
Tip #3 – Explore Multiple Income Type Properties
Consider investing in properties that generate multiple rental incomes. Rooming accommodation, student housing, co-living spaces, or dual occupancies are excellent examples of such properties.
These options offer higher yields, which can help counterbalance the impact of higher interest rates and boost your overall returns.
Tip #4 – Increase the Density of the Dwelling
Maximize the potential of your property by exploring ways to increase its density. For instance, if you own a house on a standard block, investigate the possibility of building another dwelling on the property or expanding the existing dwelling to accommodate multiple tenants.
More tenants mean more rental income, helping you mitigate the effect of increased holding costs.
Join Us at the Co-living Property Expo on 12th August
Are you interested in learning more about high-income co-living properties and their potential benefits for both tenants and investors?
Well, I have great news for you! On Saturday, 12th August at 10:00 AM, we’ll be hosting a live Property Expo focused on co-living properties in the Brisbane region.
During this event, we’ll delve into the facts and figures surrounding these unique investment opportunities, providing you with a comprehensive understanding of how they work.
Moreover, we’ll take you to a finished co-living property, where you can experience firsthand the advantages it offers to tenants and the impressive rental income it generates for investors like you.
To reserve your spot for this exclusive event, simply click here to secure your place. We can’t wait to see you there and help you explore the exciting potential of co-living properties!
Wishing you successful and prosperous investments.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0407 600 307
