I’ve been MIA for a while busy with wedding plans and honeymoon. But as the year is coming to an end, it is time for me to get back to business and tie up any loose ends. This year I have achieved all of my goals except one- to build a granny flat. I am still in the process of getting a construction loan and the granny flat probably won’t get started until next year.
It has been such an exciting year for property in Australia. With Sydney growing over 11% and record low interest rates it seems like everyone is rushing in to jump on board the property growth. I have been looking around to continue investing but I realised the market is too hot and I fear I will be overpaying for property in Sydney. Hence I have been focusing on improving my cashflow, in the form of a granny flat on my property and also analysing the state of my properties.
Yesterday I organised an inspection on one of my properties with the agent and the condition of it was not up to the standards as what I would want it to be for my tenants. It seemed like the property manager did not report to me any issues the tenants are having such as no screen door for the back door, windows in the kitchen/laundry area not opening at all, cracked floor boards which can be a hazard for children etc. So I have decided that while the growth in property continues in the next few years I will focus on saving money and improving the properties I have so far. I will wait for the off-the-plan apartment to be completed (mid 2015) before deciding to jump into another property- here’s hoping I can be that patient.