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It’s not too late to set your property resolutions for 2018

By Jamil Allouche

We're over a week into 2018, but the year is absolutely still fresh. That means you have plenty of time to sort out your goals for the new year, whether your heart is set on buying your first Brunswick home or you've got your hands full looking after the property you already own.

To help you get inspired to make the most of 2018 and your property portfolio, here are a few resolutions you can aspire to for the remaining year.

1. Start saving for your home deposit

If you're just beginning to think about getting your foot on the property ladder, you might not have the savings to back up a home loan yet – so now is your chance to get started!

The amount you'll need to save will depend on the price range of the area you're looking to buy in. For a home loan, you may need to save as little as 5 per cent of the total value of the property, but you should know that it's often worthwhile to save at least 20 per cent so that you can avoid extra fees and spend less in the long-run. This is because lenders will often charge you a Lender's Mortgage Insurance (LMI), in order to cover the risk of the loan.

So, for example, if you're looking to buy an apartment here in Brunswick, you may need to save around $100,000 to cover 20 per cent of the average sale price of $500,000 (as reported by CoreLogic).

2. Renovate or revitalise your Brunswick home

Living a busy Victorian lifestyle, it's likely that you've got at least a few odd repair jobs around the house begging for a quick fix – or maybe you've got plans for a bigger redevelopment.

Make 2018 the year you finally get around to all those renovations you've thought about.

Even simple cosmetic fixes can breathe new life into your home, making it all the better to live in while giving the value a bit of an always-welcome boost. Your Mortgage claims that even tiny renovations can add significant value in the eyes of potential buyers. These include:

  • Updating door handles for a more modern finish,
  • Likewise, replacing dated taps and light fittings,
  • Repainting walls to invite more colour, mood, or brightness,
  • Revitalising your front door – painting, replacing or decorating the entryway to be more inviting, and,
  • Giving the windows a thorough clean, inside and out.

Even if you're not thinking of selling, these small changes can make you fall in love with your home all over again.

3. Free up your spare time with the help of a property manager

Juggling one or more investment properties on top of your own home and full-time work can be overwhelming. This year, spare yourself the pressure of keeping tenants happy and properties tidy by hiring a property manager.

Working with a property manager will mean that you're kept in the loop about your investments without having to take the time out of your jam-packed days to attend to your tenants' needs. Here are just a few of the ways a Ray White Brunswick property manager can make 2018 your most relaxing year yet:

  • Marketing your investment properties to prospective tenants,
  • Screening applications and signing new approved tenants,
  • Managing communications with your tenants,
  • Conducting regular and thorough property inspections,
  • Arranging any necessary repairs,
  • Handling matters of rent review, lease renewal and arrears,
  • Informing you of all significant updates regarding your investment property.

Our team of experienced property managers are ready and waiting to discuss how we can take the weight off your shoulders.

Whether you need a hand managing your Brunswick rental properties, finding your first home or getting your house ready for the market, you can rely on the team here at Ray White Brunswick to guide you to the best outcome. For a successful year in property, contact us today.

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