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Activities and costs budgetsWhen a year begins we share our wishes of happiness and prosperity with our beloved ones. And making those wishes true depends, on a high extent, on ourselves. On the previsions we are capable of taking so that each year, at least financially speaking, is better than the other. But how do we do this? In this article we will give you some ideas on which are the things you must bear in mind. First of all, you must make a good analysis of the costs you will be facing. So it is fundamental you write them and by having them at sight you will be able to set priorities according to importance and urgency. From this moment on, you will be able to develop a plan to solve allocation of funds. You must prepare an annual budget At the beginning of each year, preparing a budget is absolutely useful. Check your property/ies. Do they need repairing? How much did you spend on maintenance last year? Are unexpected expenses possible? Remember that emergencies can come up. When the moment comes, it is always important to have had this into account. Every year allocate budgetary resources for maintenance prevention tasks. It is possible you need to renew electrical wires, clean channels or put new filters in the heating or cooling systems. To calculate costs easier, check your house, see the general condition and identify the zones that may need repairing. If the house is new, try to obtain information from the former owner about maintenance costs. Once the annual budget is finished, compare the income you expect to receive from the rent with the total amount of the items in your budget. If you reach the conclusion that the income from the rent, combined with other financial resources you have access to, is not enough to cover budget expenses, you will need to reconsider some items. Control expenses when renting If you rent a house or a commercial shop you must be prepared to face several types of expenses: Fixed expenses, such as monthly payment Taxes, insurance premiums and public services Service expenses such us garbage collection, plagues control or annual chimney maintenance. Other maintenance expenses such us: Roof repairing, plumbing filtrations or home appliances and painting costs. Tube repairing costs Make your budget for possible vacancies To make sure that you will be able to comply with mortgage payments and face maintenance costs when units are not rented, calculate with the budget assumption that all the units are permanently rented. Put aside one part of the budget for covering expenses during
the periods in which the units may be vacant. Dario Ortiz
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