As we edge closer to the end of financial year, smart property investors across Sydney are doing more than just sorting receipts and lodging tax returns. This month is a perfect opportunity to review your entire investment strategy, starting with the condition and performance of your property.
At MyPlace Estate Agents, we work with landlords and investors every day who use this time of year to be ahead, because being reactive costs money. Here’s how a few smart moves mid-year can make a big difference in the months ahead.
1. Mid-Year Property Inspections
The end of financial year is a natural checkpoint for reviewing how your investment is tracking. A professional mid-year property inspection ensures your rental is well maintained, your tenants are happy, and you’re not facing any hidden surprises.
More importantly, it helps fulfil your legal responsibilities. According to NSW Government guidelines, landlords must maintain their rental properties “in a reasonable state of repair,” taking into account the age, condition, and rent being charged. This doesn’t mean the property must be brand new, but it does mean keeping up with repairs and ensuring the property remains safe and liveable.
One critical area often overlooked? Smoke alarms. As the NSW Government says, “Landlords should conduct checks to ensure the smoke alarm is working… and install or replace removable batteries every year.”
Our team ensures these checks are part of your routine inspections, saving you from compliance issues down the track.
2. Financial Health Review
The end of financial year is also the time to take a close look at your income and expenses. Are you claiming all eligible deductions? Are your ongoing maintenance and management costs aligned with the value you’re receiving?
We often help clients prepare detailed annual summaries for their accountant, which include rent received, maintenance expenses, management fees, and more. Having this organised not only helps with tax time but gives you a clearer picture of how your investment is performing overall.
If things aren’t adding up, it may be time to reassess your property management strategy, or even your rental income.
3. Request a Rental Appraisal
Rental markets can change abruptly. If your rent hasn’t been reviewed in a while, you could be missing out on a great income, or charging too much and risking tenant turnover.
A rental appraisal gives you a market-based view of what your property is really worth right now. We look at comparable properties in your suburb, recent leasing activity, and current demand. Whether you’re in Zetland, Mascot, or Botany, having a clear understanding of your rental value helps you make smart, timely decisions.
And if you’re thinking of refinancing or adding to your portfolio, knowing your current rental income potential is a big plus when speaking with lenders.
4. Plan Ahead for Maintenance and Upgrades
Proactive maintenance not only protects your property value but can reduce costs in the long run. As we head into the new financial year, we recommend reviewing any minor issues that have popped up and setting a plan for improvements that can help attract quality tenants and improve returns.
Simple upgrades, like repainting, new carpet, or updated appliances, can often be claimed as deductions and add long-term value.
Need Some Help in Planning?
Being a successful investor means thinking beyond the basics. At MyPlace, we help you plan, prepare, and protect your investment at every stage of the journey.
As June approaches, let us help you:
- Complete your mid-year inspection and compliance checks
- Review your financial performance
- Provide an accurate rental appraisal
- Prepare your property for the year ahead
Contact us today to schedule your mid-year check and make this end of financial year your strongest yet.