Catch up on all your rental property admin
With the fast approaching end of the financial year now is a perfect time to catch up with all of your paperwork and documentation for your property assets. And with extra time at home due to the COVID-19 outbreak, the extra time you 're spending on getting organised now would give you something useful to do when you're leaving time until EOFY. Here are the administrative activities that you will now keep on top to get organised at EOFY and in the good hands of your accountant.
Tax time is a perfect opportunity to check your property insurances. Yeah, it is a difficult job, but it will save hundreds or thousands of dollars every year. If a single insurer is affected by a significant incident (such as a bushfire), then premiums will be raised across the board, so it is important to test the policies.
Look at your credit cards while you are at it. See if there are better opportunities for you out there, in interest rates as well as loyalty services like frequent flyer programmes or cashback bonuses.
Check your rental income
At the same time , take five minutes to check and compare the rents you earn on your property with the rentals available on the major real estate websites. This will be particularly relevant as the COVID-19 pandemic is emerging, and possible market impacts are finding their way through the world. If you have tenants whose rental leases are due, make sure you get in quickly and be extra careful about pricing in your property.
Revise interest rates and payment plans for your loans
Good fixed rates of home loans are typical but these rates are subject to changes in the market. Assess whether getting a fixed or variable rate loan is better for your case, with rates as small as they currently are. Like many people facing financial difficulties today, you can always consider your options and put together a contingency plan if you will not be able to pay a mortgage, or if a tenant is unable to pay their rent.
Taking the time to organise your investment property portfolio 's administration side now will help your tax time go smoothly and help ensure that your investments are structured for long-term growth and success. Make sure you receive tailored advice from a specialist before making any adjustments to your policies, investments or other costs associated with your investment property.
Note this article is not a financial or legal advice. Please check with your financial and legal qualified advisors before taking any decisions on your own.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or https://www.nobullrealestate.com.au