Check out your Owner portal to view your statements for the year. This is where you can see how your income to expense ratio is for the past tax year. You can also see how much you have spent for maintenance and repairs because many of these services such as replacing appliances are things that can be depreciated. Your CPA will tell you that this means you will pay less income tax on rental proceeds you have received which is reported to the IRS in the form of a 1099 that you will also receive. The best time of the year to purchase appliances is November and December and oftentimes you can receive additional discounts or free installation for purchasing more than one item.
Have you had your septic tank pumped or septic filter cleaned and/or changed recently? As a preventative measure to having to have your septic field and/or tank replaced, we recommend frequent pumping-at least once every 4 years.
Consider updating your smoke detectors to those that are required by law which have 10 year lithium batteries. Also consider adding a carbon monoxide detector if you have propane used in your home for cooking, have a fireplace or a garage. Remember, this is the law in North Carolina!
Also, consider updating the light fixtures and ceiling fans at our home. Nothing makes a home look dated like old school jelly jar exterior light fixtures or ceiling fans that have light kits attached. These items are relatively inexpensive and can be changed out by a handyman who is far less expensive than an Electrician.
Start thinking about trimming back trees that could obstruct ventilation at your home or could be scratching your siding or roof. It is always best to
do this type of work during dormant season.
Make a maintenance plan or schedule for the upcoming year such as painting, HVAC change out, water heater change out, etc. Many owners have us schedule things quarterly so that you can expect a maintenance bill once every 3 months or 6 months to accommodate your budget.