Springtime is recognised as being a good time to tidy up and clean out. If you’re a landlord, it’s also an excellent opportunity to give your property management strategy an update.
Sometimes it’s good to take a step back and look at the bigger picture in order to realise that a fresh approach may be required so, by taking time to review the good and the bad with your investment, may well save you money and energy in the long run.
Here are some tips that you may find useful:
Review your accounts
It’s important to maintain an overview of your overall financial situation as not doing so may literally prove costly. A review may enable you to identify unexpected costs and importantly consider how they may have been avoided and hopefully implement a prevention strategy to avoid re-occurrence.
Time is Money
Financially the balance sheet might look good but if you are spending several hours each week sorting out problems, and it’s impacting other areas of your life, something may not be adding up
Review your insurance
Assessing whether you have the right cover to suit your situation is important, use an insurance broker to assist as their expertise will ensure cover and price meets your needs.
All landlords should have buildings and liability insurance, some opt for rent and legal protection, and to cover loss of rent arising from the likes of a fire or flooding.
Mortgages
If applicable review the terms of your mortgage. If it’s due to end soon, start researching the market. Your financial adviser or mortgage broker may well be able to assist in order to meet your individual situation.
Consider the services of a letting agent
If you use an agent, analyse the level of service you’ve received over the past year. If you’re not entirely happy, test the water to see if a more suitable option is available. If you don’t use a letting agent, reach out to discuss fees and services. It could be that having an expert manage your property frees you up to focus on your other priorities.
Here at Martin & Co we have successfully been looking after Landlords and their investment properties for many years so please don’t hesitate to get in touch with us here to learn more about our property management services.
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