With the holiday season well and truly on its way, it’s an opportune time for many to plan vacations and getaways. But while you plan that ideal holiday, it’s equally important to manage your investment property during this period.
The last few weeks of the year are a great time to take a good look at your property and see what is working and what isn’t. Here are a few tips to ensure your property investment is performing well and taken care of while you peacefully enjoy the holiday season.
Review your mortgage
If increasing savings and profit feature on your New Year’s resolutions, then it’s probably the right time to review your mortgage payments ahead of the holiday season. For starters, you can check the rate of interest and payments on your existing mortgage and compare it with the offering in the current lending market. Also, lenders are generally less busy during this time of the year, which can allow you to patiently discuss options and obtain the appropriate alternatives, if available.
Assess your property manager
Holiday season is also a perfect time to review your property manager’s performance over the past year. It’s important to know that, unlike real estate agencies, professional property management services are not distracted by property sales. They are solely dedicated to the supervision of your property. Here are some essential indicators to help review their performance:
If you are self-managing your property, it helps to also look at your own performance. Is being a private landlord worth the extra work? Maybe you need to consider appointing a property manager to free up some time.
Property security measures
It’s rather common for people to host house parties during the holiday season. But with the fun and festive spirit, there is also a risk of accidental damage to your investment property, as sometimes these parties could get out of hand, resulting in costly damage and clean-up bills. While tenants should be responsible for the rental property, invited party guests, who often have no attachment to the property, may not treat it with the same respect. Hence, it’s imperative to invest in a comprehensive landlord insurance policy. This protects you from the many risks associated with owning a rental property such as accidental damage, loss of rental income and potential legal liability if someone is injured at the property.
Expiration of tenancy agreement
If your tenants intend to vacate the property in December, don’t wait until the New Year to take action. This is what other investors would also be thinking and come January, you may witness an increased competition. It is crucial to be ahead of the competition and get organised early. Speak with your property manager about looking for new tenants or if you self-manage, start advertising before the old tenants leave.
Manage repairs and maintenance
If your property ends up vacant for a few weeks, you can use this time wisely to undertake any renovation or maintenance projects. However, please keep in mind that this also requires careful planning because the tradespeople can be very busy during this time or they too might be taking some time off during the holidays. For some inspiration on kitchens and trends we can expect in 2017, read one of our previous blog posts here.
Applying these simple tips will certainly assist you in managing your property well, ensuring it continues to give you the desired ROI, while you sit back and enjoy the holiday season. Happy Holidays!