With the end of the year coming soon, now is a great time to evaluate your Southern Maryland rental property as you would other investments. A year-end review of your investment is a smart idea to assess any changes or improvements to make. Here are seven questions to ask yourself and discuss with your property manager before 2016.
- Is there room to increase the rental rate or change the lease terms, given area rental statistics and economic factors? We are seeing upticks in rental rates in Lusby due to the Cove Point Dominion Expansion and Waldorf due to a strong Washington DC economy.
- When will the current lease be up for renewal and when can I make changes?
- Do I have adequate insurance coverage for flood, frozen pipes, code compliance, or loss of rent?
- Do the current tenants have renters insurance, with a current certificate?
- What maintenance and upgrades should I make in 2016 to increase revenue or to ensure code compliance?
- Do I have all of the receipts needed for tax preparation for maintenance and improvements?
- Do I need to register my property with the city or county, or renew any licenses?
By taking the time to address these questions now, you’ll be better prepared for a successful new year owning your rental property.