to your real estate activities. Keeping accurate records of expenses, renovations, and income is key. Additionally, consulting with a tax professional who specializes in real estate can provide invaluable insights, ensuring that you’re leveraging all possible benefits while staying compliant with tax laws. • Deal with risk by having good insurance if unexpected things like natural disasters or accidents mess with your property. Spread your investments around so you don’t increase the risk if the market goes up and down. Keep up to date with the rules and laws about real estate. They can affect how you take care of your property and decide what to do with it. What the experts say As you get familiar with the ups and downs of real es-
tate, we put together the advice and insights of some experts to help you make smart decisions, ensuring your portfolio keeps growing and stays protected for the long run. What key factors should I prioritize to maintain and increase the value of my real estate investments and effectively manage risks to ensure long-term profitability? “It is crucial to prioritize key factors that can help increase the long-term profitability of real estate investments. This includes risk mitigation and compliance to safeguard assets against potential losses. For instance, property maintenance is essential to protecting the functionality and value of the property in case the time comes, and you need to
26 SPOTLIGHT ON BUSINESS MAGAZINE • VOL 24 ISSUE 2
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