With the end of the financial year fast approaching, now is the time to consider
whether your property needs any repairs, maintenance, or capital improvements.
From time to time, all properties will need a facelift, such as new carpet, paint, or
appliances.
It is important to budget for the replacement of these items at least once every five
to seven years or in accordance with your depreciation schedule or accountant's
advice.
It is a known fact that a well-maintained property will attract quality renters,
resulting in higher rents, reduced wear and tear and minimise possible vacancy
periods.
Properties that are maintained to a high standard will also increase the long-term
capital growth value compared to those that are neglected and left to deteriorate
and depreciate.
As your managing agent, we will keep you updated on the condition of your
property and advise you in advance regarding improvements to allow you time to
budget.
Repairs, maintenance, and improvements to your property are tax-deductible and
can assist in reducing your overall tax payable. If you are unsure of your current
financial position regarding tax time, then we recommend you organise an
appointment with your accountant or financial advisor now to be well prepared.
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