Is It Time to Examine Your Household Budget?
Owning and profiting from an investment property can be challenging. There’s a lot to consider at any given time, and making sure your ROI is maximised takes diligent and regular examination of your numbers.
Utility providers, mortgage lenders and insurance companies are always changing their fees and deals. It’s important to stay aware of all the options that are available to you at any given time (and, to make sure you’re choosing the best ones).
Are you spending as little as possible and earning as much as possible from your investment property? You might be surprised how big a difference a few simple tweaks can make to your bottom line.
Hire a property manager
Managing your own investment property or properties might seem like a great way to save money, but a seasoned property expert will justify their rates several times over by saving you money in unexpected places (and relieving you of quite a bit of stress in the process).
If you manage your own property or properties, meet with some property managers and find out what they can do for you. You might find that it’s worthwhile to appoint one.
Have emergency finances saved up
Properties can be fickle. Hot water systems break. Roof tiles crack. Things leak and need fixing all the time – and if you have a particularly bad stroke of luck, you might find yourself having to make several repairs at once.
Make sure you have a “rainy day fund” set up as part of your budget. You can do this by allocating a regular amount into a mortgage offset account (or sub-account).
Compare utility providers and mortgages
It’s worthwhile, at least once a year, to call various utility providers and ask them what kind of rates you can get. Switching providers is easy, and it might surprise you how much you can save over the course of a year with a simple switch.
Finally, your mortgage makes a big difference. You might be paying more interest than you have to, and refinancing a mortgage in most cases is easier than you think.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of refinancing a mortgage, you can contact us for advice about the best options for you. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
Click here to speak to us!