With that in mind, here are seven ways to maximise your investment returns.

1. Select the right location

There’s a rule of thumb that location dictates 80% of a property’s long-term price and rental performance. So it can be smart to base your choice of location on hard data rather than gut feel. You can either do this research yourself or outsource the process to a buyer’s agent.

2. Choose the right property

It’s important you avoid properties with red flags, such as structural problems or pest infestations, otherwise you’ll have to spend a lot of money on remediation in the years ahead. You can reduce this risk by hiring building and pest inspectors. Also think carefully about homes with limited appeal, such as those on noisy roads or far removed from amenities, as their price and rental growth could be limited.

3. Find a good property manager

A good property manager could make you, rather than cost you, money, by helping you fill your property faster, for longer and with better-quality tenants. Also, they could also help you set just the right rent – not so high that you scare off tenants and not so low that you leave money on the table.

4. Maintain your property

Conducting regular maintenance can help you maximise your returns in two ways. First, it could help you attract and retain tenants. Second, it could prevent small problems, which are relatively cheap to solve, from turning into bigger problems, which can be very expensive.

5. Do strategic renovations

Renovating your home can be a fast way to increase its value and rent. But you need to be careful not to overcapitalise and not to invest in modifications that are of little appeal to potential buyers and renters. Also, renovating is not suitable for everyone, because it usually requires a significant upfront investment.

6. Collect all your tax benefits

Depending on your scenario, you may be able to reduce your taxable income through negative gearing and claiming depreciation. To do that, it’s a good idea to keep thorough records of all your expenses, invest in a tax depreciation schedule from a quantity surveyor and hire a good accountant.

7. Refinance your loan

It’s a good idea to at least compare your home loan to others each year. That’s because even though you probably got a great loan at the time, the mortgage market is always changing. This means you might now be able to switch to a comparable loan with a lower interest rate or one that is better suited to your needs

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How long has it been since you took out your home loan? If it has been a while, contact us today so we can let you know how much money you might be able to save by refinancing.