We often get contacted in January by local landlords who want to change how they run their rental investments.
Below are five of the most common resolutions we see local landlords make.
- Getting your finances in order – A new year is a great time to review your mortgage rate (now, more than ever) and to see how much you are paying for insurance. It’s also an ideal opportunity to set your repair and maintenance budget for the year.
- Plan improvements – On the subject of maintenance, the start of the year is ideal for reviewing the condition of your property/properties and seeing what improvements need doing. Consider what you’d like to do and what you must do to keep providing a good standard of home for your tenants.
- Review the rules – Are you and your rental investments legally compliant with the sector’s regulations and laws? As they constantly change, ensuring you are on the right side of the legal fence and doing everything properly is always helpful.
- Get organised – An organised landlord is very often a successful one. An excellent way to get your organisational house in order is to aim to go paperless. You could consider scanning documents, storing receipts and accounts in the cloud and keeping all the information you need at your fingertips rather than in a box under the bed/stairs.
- Get a letting agent – Well, we would say that, wouldn’t we? But working with an experienced letting agent who knows the market and can help with all the resolutions above could be the best money you invest all year.
And if you aren’t already a landlord but resolve to invest in rental property in 2023, contact us today with any questions you have.
Thanks for reading, and wishing you a happy, healthy and prosperous 2023.