As a landlord, the start of the new year is a great opportunity to revisit your financial goals and take steps to add value to or protect your property investment. Here are five resolutions to consider for 2023:
1 | Rely on your property manager for support and advice on any questions or concerns you have about your investment. They can also provide valuable insights and property leads if you’re thinking of buying another property.
2 | Check the status of your investment property loan to ensure it’s still the best option for you. Consider refinancing if there are more favourable terms available.
3 | Make sure your landlord insurance policy is up to date. Keep in mind that different policies offer different coverage, so choose one that meets your specific needs. Your property manager can help you find the right policy.
4 | Review your tenancy agreement when it comes time for renewal. This is a good time to reassess the weekly rental amount and consider putting a fixed-term tenancy agreement in place. Your property manager can provide valuable financial guidance during this process.
5 | Obtain a depreciation schedule to help you claim tax deductions on the wear and tear of your property. We can help you obtain this at a discounted rate.