Are you the owner of a number of properties? Read our blog to see our advice on keeping track of your finances.
Having a head for figures as the owner of a few properies.
As the owner and, at the beginning at least, manager of a number of different properties, you will need to be on top of the budgets, incomes, outgoings and running costs of each element of your portfolio. There will always be unseen costs to deal with, and you may have to cope with voids in the rental of your properties. Advance planning for as many of these eventualities as possible is essential, and having an idea of how to deal with moderately complex bookkeeping will help you to cope with the numbers.
In addition, you will need to have a good accountant on board from the early stages in order to help you deal with the tax on your rental income, as well as any elements of your outgoings on which you might be able to claim tax back.
With thanks to BuyAssociation.