Your weekend “must do” items: Three things to put on the list
The weekend is a great time to get things sorted for your investment properties; however you don’t want to burden yourself with too much to do. Here are three things that you can do to get yourself organised, without taking up hours of your time and without even leaving your house.
1) Get your receipts and expenses in order
Terrifyingly, a lot of investors still use a shoebox system to organise their receipts and expenses. If you are one of these, all hope is not lost. You will need these items at tax time to ensure you claim every legal deduction and make the most out of owning property. If you haven’t got a good system, it’s time to get one.
Whether it’s a ring binder folder per property, or a digitalised version on the computer (and backed up), get your paperwork in order. You might find some more extensive problems when you do this and get things in order – such as a missing depreciation schedule.
You may want to have a look at this list of what landlords can claim.
And these seven tips on deductions will help out those who want to boost their return even further and ensure they don’t throw out anything important.
2) Run a some specific searches
Do some savvy web searching to find out if there are any changes coming up in your properties’ areas. For instance, have there been council proposals for transport links, or have the neighbours asked for extensive renovations and put this on display at the council office? Google your suburb, and check for latest updates. Be sure to jump onto your local newspapers’ website for announcements, and consider setting yourself up some Google alerts for your area while you’re at it. You want to ensure you have the opportunity to be aware ahead of time if your views might get built out or if your tenant will be put out by next doors’ renovation work’s noise.
You will also find that if you look up your suburb on our data page, the most relevant news gets pulled in for you.
3) Set up calendar alerts
If you don’t have a property investment calendar, you might want to start. Add in alerts to an online or print diary calendar about when leases come to an end, when rent is expected from different properties and when you’re due to check in with your broker, accountant or property manager. This will save you plenty of hassles in the long run, and ensure that all bills get paid on time. We also recommend putting key events into your calendar, such as those featured here.
Want more things to do this weekend? Here are six ways you can get ahead.