We’re now at the time of the year when we look ahead at the coming 12 months with the very best intentions. One real estate firm – Leaders – has compiled a list of the top five resolutions that should be on every landlord’s list this New Year.
Get your tax affairs in order
If you haven’t already done so, be sure to complete any year-end tax returns to avoid potential penalties. If you are not up to speed on tax laws in the country where your rental property is located, you should get professional advice now and start planning for any measures that may affect you. Consult a professional accountant for expert advice to help you keep on top of your liabilities, whilst being as tax efficient as possible,
Get up to date with legislation
Last year was an eventful one and will be remembered for various new property regulations around the world that have the potential to impact landlords. From requirement to fit smoke alarms in the United Kingdom, and new rules on how you should respond to complaints from tenants, to the reminder from the Thai government to have full details including a copy of the passport of your tenant, there was a lot for landlords to be aware of. If you are managing your property yourself, make sure you are up-to-date and complying with all relevant legislation. If you are using an agent to look after your property it is worth checking that they have updated their procedures to comply with the new rules on your behalf.
Refresh your property
Get the most from your investment this year by keeping it in the best possible condition. Well-presented and maintained properties attract better tenants, higher rents and keep tenants happy. From a lick of paint and some new flooring, to a quick kitchen or bathroom makeover, a few simple, inexpensive improvements can make your property more appealing and maximise your returns.
Organise your paperwork
It’s no one’s favourite job but it’s well worth doing. There is a huge amount of documentation involved in owning a property and you should keep all of it safe for the entire period of ownership. An orderly filing system for quick and easy access is invaluable. The original purchase documents, such as completion statements, evidence of legal and agent fees and other associated costs should be kept, along with mortgage statements and invoices relating to any work you do. If you have ever lived in the property you should keep evidence of the time spent there as this could help reduce your tax liability, as with receipts to visit your investment which, in some countries, are also helpful when reducing your tax bill.
Make the most of opportunities
Despite all the recent legal and tax changes around the world, residential property remains an extremely attractive investment with some excellent opportunities for landlords. Whether your priority is to achieve a good rental return, strong capital growth or a balance of the two, there are plenty of chances for investors to capitalise on the favourable market conditions.
Dot Property Group suggests that you ensure you conduct proper due diligence on your investment, and continue to do so while you own it, obtain professional advice throughout the process and you should have a trouble-free experience.
