Owning multiple homes is not an easy task. For most people, this dream will never come true. There are a lot of responsibilities that come with owning multiple homes. It is hard to manage each property and keep it in tip-top shape all the time. If you own multiple homes, here are some ways to make your life easier.
Suppose you can get through everything, then good for you. However, if you find yourself overwhelmed with all the responsibilities, you might want to outsource some work. This way, you don’t have to worry about anything except paying the workers.
Here’s how to make it easier for yourself:
1. Consider Hiring A Property Manager
There are a lot of things that come along with owning multiple homes for rental purposes, which can add up to a whole lot of hustling and bustling if you let it—finding renters, screening applicants, collecting rent, dealing with repairs. It’s enough to make anybody want to skip the hassle altogether and hire someone to do it for them.
The property managers make it easier for homeowners to manage their properties. They handle small details like overseeing maintenance and repairs, collecting rent, screening tenants, and providing landlord insurance. You can easily hire a property manager to do most of your work for you.
2. Use A Common Accounting System
If you own multiple homes, it is best to use a common accounting system. This way, all of your information will be in the same place, and it will be easier for you to access when you need it. That way, when it comes time for taxes or other forms that require detailed financial information, you won’t have to do much digging around everywhere because everything will already be where you expect it.
People don’t usually think about documenting their tax deductions until they’re filing their next year’s taxes. If things can be written off on this year’s return, you should take the time now to document them before April of next year rolls around. The most likely tax deductions to be missed are losses from rental properties and home office expenses for most people.
3. Create An Ongoing Maintenance Schedule
Creating an ongoing maintenance schedule for all of your homes can save you a lot of time and money in the long run. That way, when things start going wrong in one house, you can make sure it is fixed before it starts spreading to other houses in the chain. Things like changing screens and fixing leaks will help with preventing further damage later on down the road.
It will also keep pests out of your home, which could spread diseases if they were to get into one of your other homes that are already occupied by someone else, like pets or children. Remember, prevention is always better than the cure.
4. Get Out To Your Homes Regularly
If you own multiple homes, getting out there regularly should be a top priority if you want them to stay in good condition and fully furnished. Many people forget about the value of their homes when they’re not living in them.
If you want to maintain your houses, you need to visit them regularly and check the condition, taking note of any issues that come up between visits. A good way to make sure you do this is by scheduling a recurring appointment with yourself on your phone calendar, so it doesn’t get forgotten about.
5. Renter’s Insurance For Your Protection
It’s smart to invest in renter’s insurance for anybody who lives in one of your multiple homes, even if they’re a relative. This includes friends living there or somebody who lives with you to help out around the property. The renter’s insurance will cover losses should something happen, even if it’s your pet that causes damages minding their own business. Sometimes pets can get scared and cause a lot of damage before you find out about it so having renter’s insurance is always a good idea just in case.
6. Have A Way To Address Legal Issues Easily
There will be times where you run into legal issues, most likely when it comes time to evict tenants. Although eviction can seem like a pretty simple process, countless things need attending to before the actual eviction takes place, including serving documents, having your court hearing, following up with previous notices or warnings given out to the tenant in question, etc. Having all of this paperwork organized somewhere is super important, so you don’t have to scramble for anything whenever an eviction needs taking care of.
By following just a few of these steps, your life will become much easier if you own multiple homes. Now that you’re aware of everything there is to know about owning multiple homes for rental purposes, go out and make it happen. Since you now know the most important things about owning multiple homes for rental purposes.
Featured image: Pixabay (12019).