Five things rental owners should consider in 2022
With the door firmly closed on 2021, now is the time for rental owners to look to the year ahead and evaluate what they intend to do with their rental property in 2022.
With that in mind, here are five things rental owners should consider in 2022.
Re-evaluate your aims
Chances are you have an investment property for a specific reason, whether that’s to offer additional income, provide an asset in retirement, as part of a larger property portfolio, or as an element of your taxation strategy.
Now is the time to re-evaluate exactly the purpose your property serves and ensure it meets those aims.
This might include:
- Looking at the capital value of the property, and considering whether you are seeking to hold or sell
- Examining your rental income, and whether it’s in line with the market
- Assessing any expenses, and considering any pending repairs
- Determining your taxation strategy
The bottom line is, your rental property should help improve your financial position, either in the short or long-term, so critically examine it to ensure it remains in line with your financial goals and future plans.
Any required repairs?
Regardless of the age of a property, it will require ongoing maintenance and the occasional repair.
The New Year offers a great opportunity to look at your investment property with a critical eye and consider what might be required in the 12 months ahead.
Depending on what’s needed, this might also involve ascertaining when the rental agreement ends and making time for improvements, or remedying an ongoing issue that has proved costly over the years.
It might also see you assessing the age of any fixtures and discussing an upgrade with your property manager.
Set aside funds
While an investment property potentially offers additional income via rent, there are also costs involved each year.
It’s important to bear these in mind as you set your budget for the year ahead.
As part of your annual budget, set aside the funds required for costs like council rates, and repairs and maintenance.
Every rental owner should protect their property with landlord insurance and building insurance.
This helps safeguard your asset in the event something goes wrong.
The New Year provides a great chance to look at your insurance and make sure it covers you for any unforeseen events such as natural disasters.
Talk to your property manager
At the start of the New Year, it’s worthwhile to talk to your property manager about your aims and intentions for the property, along with seeking any advice they may have about your property.
Your property manager is there as a trusted real estate advisor and should be available to understand your goals, offer their advice and ensure your property not only retains its value as an asset, but serves you and the rental occupant well throughout the duration of a rental agreement.
We’re here to help
If you’re considering renting out your property or selling it, were here to assist with expert property managers and sales agents who can give you an insight into the value of your property when it comes to sale or rental.
You can chat directly with one of our friendly Eview agents on 1300 438 439.