With the end of the year coming soon, now is a great time to evaluate your rental property as you would other investments. A year-end review of your investment is a smart idea to assess any changes or improvements to make. Here are seven questions to ask yourself and discuss with your property manager before 2015.
- Is there room to increase the rental rate or change the lease terms, given area rental statistics and economic factors?
- When will the current lease be up for renewal and when can I make changes?
- Do I have adequate insurance coverage for flood, frozen pipes, code compliance, or loss of rent?
- Do the current tenants have renters insurance, with a current certificate?
- What maintenance and upgrades should I make in 2015 to increase revenue or to ensure code compliance?
- Do I have all of the receipts needed for tax preparation for maintenance and improvements?
- Do I need to register my property with the city or county, or renew any licenses?
By taking the time to address these questions now, you’ll be better prepared for a successful new year owning your rental property.
What would you add to this list?
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.