The big day is less than a week away, and we hope you’ll have the chance to take some well-earned time off.
As well as the usual overspending, overeating and overindulging, the festive break gives landlords a chance to review their business and think about what comes next. And if you can limit your intake of mulled wine and eggnog, you can do it all with a clear head!
Christmas provides all sorts of opportunities, including:
As luck would have it, all of these are covered in this week’s blog. So make yourself a cuppa, find a cosy corner where you won’t be disturbed, and let’s dive in.
Everyone knows the self-assessment deadline for filing your tax return is January 31st, but that doesn’t mean you have to wait until 11pm on the day to start filing your tax return! Instead, use the Christmas holidays to get your paperwork together in a relaxed and organised fashion.
We go into a lot more detail around allowances to claim, efficient expenditure and easier accounting in our earlier blog on Landlord Tax Tips, so why not take a look?
Christmas is the perfect time of year to get in touch and reconnect, so drop your tenants a quick text or Whatsapp with some friendly seasonal greetings. You could even attach a digital card to avoid the traditional postal delays.
Small gestures really do go a long way, and wishing your tenants the best for the Christmas season is an easy win that strengthens your relationship by showing that you care.
Many tenants go away over the festive break, from short visits to family and friends to a proper winter holiday. Regardless of how long they’re gone, your property must stay safe and protected to maintain insurance cover and all-round peace of mind.
So whether or not you know your tenant’s plans, email them a helpful checklist of things to tick off in case they leave, including:
These might seem obvious, but things can easily get overlooked in the excitement of going away, and it’s always better to be safe than sorry, particularly during the winter months.
If you’re between tenants over the festive season, it’s the perfect time to visit your property, check that all is well, and even give it some love. Once you’ve looked outside for slipped tiles and blocked gutters and drains, it’s time to head on in.
Do you want to go deeper in making your rental property irresistible to tenants? Then take a look at our previous blog on styling a rental home without using furniture for many more expert tips.
Is your rental home a magnet for the best tenants in the area, or could it perform better with some well-chosen improvements? Perhaps you’d even like to expand your buy-to-let business?
Whether you’re acquiring a new property or upgrading an existing one, the key to success is optimising the rental income and raising the sales value with a wildly popular home. So look for the following opportunities to reap the full potential of your investments.
When you’re carrying out major work, balancing expenditure with cash flow is essential. So make a plan for what you want to do, then set aside some of the rent each month to build up a fund. You can even complete the work in phases to avoid raiding your savings.
To make improvements now, check if you can release enough equity from your rental home to cover the cost of the work. Alternatively, and the cheapest option if you’re disciplined enough, find a credit card with a 0% interest offer to spread the payments over a couple of years.
Is your rental property ready for Christmas and beyond?
If you’re a landlord in the Wilton & Salisbury area, we’d love to help you optimise your lettings portfolio for a profitable 2023 and beyond, so call us on 01722 580059 or email us at email@example.com for a friendly and expert chat.
All that remains is to wish you a very merry Christmas and a happy new year that brings you everything you’re hoping for, and perhaps even more!
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