With time, any property gets old and loses its aesthetic appeal. Maintaining a building in good condition is a challenging task. Whether it’s a residential or commercial building, painting can be one of the best ways to rejuvenate and revitalise the fresh look of your property. The best time to get the most from the painting projects is before the End of the Financial Year (EOFY). It comes with lots of strategic benefits. As one of the best professional painters in Sydney, we have listed why you should paint your property at this time. Let’s explore together.
Tax deduction
At the end of every year, Sydney residents find a way to deduct tax amounts and maximise their benefits. Painting your property before EOFY can help you with this purpose. It counts as an investment for both apartments and commercial buildings. ATO lets property investors deduct the cost from their overall income. It offers you a tangible benefit with thousands of dollars in visible tax deductions. You can hold a strong financial position utilising this opportunity.
Sale price increasing
Renovation of a building with painting is a part of capital improvement. At the end of the financial year, people often buy properties. Generally, a newly painted house will look appealing, adding extra value and attracting more buyers. So, homeowners will easily be able to get a higher price than they expected before in exchange for their fresh-looking properties. Repainting yields three to five times returns in sale price. How much extra value you can add depends on the paint quality and finish you have achieved from the painting company you will hire.
Get higher rental
People mostly find houses or commercial buildings at the beginning of the financial year. So, if you prepare your property before EOFY, there is a possibility you will get tenants with higher rent. Apart from this, if your tenant leaves the property before the end of the fiscal year and you advertise to give your building for rent, then the painting cost will be counted as the base cost of the property. You will get an extra tax deduction in such circumstances.
Perfect weather for painting
The weather greatly impacts painting work, especially on exterior surfaces. Extremes of heat, rain, and wind may make painting outside difficult. The weather is usually unpredictable here. By scheduling painting work before the end of the financial year, homeowners and businesses can benefit from more favourable weather conditions that are typically encountered throughout the fall and winter months. Painters can guarantee an ideal environment for producing high-quality results by avoiding away of the summer’s intense heat and rainfall.
Painting without interruption
It works mainly in commercial premises. Before the end of the fiscal year, businesses face seasonal fluctuations that cause less foot traffic. It creates the perfect ambience for your painting project in a commercial building. You can give a perfect facelift with both interior and exterior painting at the same time. Thus, painters will have the opportunity to give their best effort, and their work will not be interrupted.
Last stroke
Painting your building before EOFY offers several benefits, including tax deductions, sale price increases, opportunities to get higher rentals, perfect weather for painting, and painting without interruption. No matter the building you paint, it will benefit you. With expert painters in Sydney like Priority One Coatings, your every painting project will be completed with a high-quality finish, enjoying all the possible benefits at the end of this financial year. So, let’s increase the durability and aesthetic appeal of your property before this EOFY.
