Every OBX Housing Long-Term rental property owner should consider these following items…
Check out your Owner portal to view your statements for the year to see how your income to expense ratio is for the year. See how much you have spent on maintenance because repairs, maintenance and replacing items such as appliances are things that can be depreciated and this means less income tax you pay on rental proceeds. The best time of the year to purchase appliances is November and December and often times 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 replace, we recommend frequent pumping at least once every 4 years. If your system has a filter, it must be cleaned once per year.
Consider updating your smoke detectors to those that are required by NC law which has 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….it’s the law.
Also consider updating the light fixtures and ceiling fans at your home. Nothing makes a home look more 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 are far less expensive than a licensed 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 or winter season-definitely before Spring!
Make a maintenance plan or schedule for the upcoming year such as painting, HVAC changed 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.