It is hard to believe that we are already three months into the new financial year and are only three months away from Christmas! Where does the time go?

If you have not yet established your annual property budget, now is a great time to do so.

An investment property is like a car – you will need to spend money on upkeep and maintenance to ensure that the property is well maintained. This will then help to attract a quality tenant which optimises your capital growth.

Without a budget in place you may be putting yourself through unnecessary financial pressure should something need to be unexpectedly repaired or replaced.

Take control of your finances now and set aside a small amount of money each week to cover you for repairs and renovation costs. Plan to renovate or upgrade the property over a period of time.

Plan to replace or upkeep the following every 4-8 years:

• carpets
• curtains
• gutters and downpipes
• fences and balcony areas
• painting – internally and externally
• upgrade appliances – hot water system, oven, stove, dishwasher etc.

This repair and upkeep schedule may vary, depending on the number of tenancy turnovers (wear & tear), type of tenants residing in the property and current condition or age of the property.