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.