Property management guide - First National Newtown

Management Guide 13 16 66 firstnational.com.au Property IMPORTANT NOTICE: The information contained within this book is designed to provide an overview of the considerations required for ownership of an investment property. Readers are advised to obtain independent advice before investing in any specific property. To the extent permitted by law, First National Group of Independent Real Estate Agents Limited disclaims any liability for loss which may arise from reliance upon this booklet. Published by First National Group of Independent Real Estate Agents Limited. A.C.N. 005 942 192 NATMAR_0011 1 1 contents 2 Introduction 5 Why invest in property? 6 Do your sums 7 Arranging a new home loan 9 Using home equity 10 Property investment benefits 11 Choosing an investment

property 13 Who manages the property? 15 Landlord insurance 16 What costs will I have to meet? 17 How much should I rent the property for? 18 Your property on show 19 Marketing your property 21 The tenant 23 The role of the property manager 25 Legislation 26 Property management budget 27 Landlord and tenant agreements 29 Landlord and real estate agent agreements 31 What your First National Real Estate Property Manager can do for you 32 Glossary of Terms 2 3 Property represents a secure, long term form of wealth creation. As such, Australians are increasingly turning to property investment to secure their future. A well-managed investment property can offer distinct advantages, including income and capital growth. Many investors are able to use their investment property to reduce the tax payable on their assessable income. Property is also an important component of an entire investment portfolio, particularly, for people who do not need immediate access to their money and wish to protect themselves against inflation over the long term. It is important to be aware, however, of the responsibilities of managing an investment property and assuring its proper care. As considerable sums of money are involved, you should take the time to develop a comprehensive understanding before you act. This booklet is the first step in the process and is designed to provide an overview of the considerations required for any owner of an investment property. Remember, consideration of any financial investment presents wide and varied alternatives and there are always plenty of experts ready to share their opinion. It is wise, therefore, to always seek appropriate advice from a qualified financial adviser or accountant. introduction 2 3 4 5 4 5 Some people choose an investment property by assessing whether they would be happy to live there themselves. Think with your head and not with your heart when it comes to choosing the right investment property. For it to properly serve your needs, it must be capable of appealing to the widest possible market of potential tenants. Talk to an accountant or financial adviser before beginning your property search. It’s important to fully understand what type of investment property is most likely to serve your financial goals appropriately. Investment properties may be purchased using many different financial methods, all of which have differing tax implications and long-term impacts. 1. 2. why invest in property? There are some good...

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