Transcript:
In this training, we’re going to review how to enter properties into Voyant and link their existing mortgages and expenses.
To begin, go to the plus button and select the Property section.
From here, you’ll have the option to define the asset type. In this example, we’re going to create a Principal Residence.
This property will be co-owned by both adults in the plan, Johnny and Nora.
First, give the property a name.
Next, select the ownership type, either Joint Tenancy or Tenants in Common.
Then enter the property’s estimated market value, along with the original purchase value.
It’s important to enter the purchase value because if the property is ever sold or modeled as sold in the future, the software can apply taxation appropriately based on that value.
You’ll also have the option to designate the property as either a future purchase or an existing property.
In this example, the property already exists in the plan, so we’ll select No for future purchase.
The property growth rate is currently being pulled from the Property assumptions in Plan Settings, but this can be adjusted directly here if needed.
Next, go to the Linked Debts section.
Here, we’re going to link the mortgage associated with this property.
Select Create and Link New Debt.
You’ll then enter:
- A name for the debt
- The debt type
- The current loan balance
- The interest rate
You’ll also choose between a Repayment loan or an Interest Only loan structure.
For this example, we’ll use a Repayment loan.
You can either enter the monthly payment amount directly or specify the remaining term on the loan.
You’ll also need to indicate whether mortgage interest is tax deductible in your jurisdiction. In this example, we’ll leave that option set to No.
Click Done to save the debt.
Next, we can link expenses associated specifically with the property.
For example, you may want to include:
- Property taxes
- HOA fees
- Maintenance expenses
- Or any other recurring property-related costs
Once entered, click Done to save the expense.
At this point, the property now has:
- A linked mortgage debt
- A multi-year expense for property taxes
- And any other linked property expenses
It’s important to link these items directly to the property because if the property is ever sold, the software can automatically repay the associated mortgage from the sale proceeds and remove any related expenses once the property no longer exists in the plan.
Click Done to save the property.
Now let’s take a quick look at the Assets chart.
You’ll now see the non-liquid property asset displayed in purple on the chart, allowing you to track how the property grows in value over time.
You can also go to the Debts screen to review how the linked mortgage balance is paid down throughout the plan and see when the debt eventually falls out of the plan.
I hope this has been helpful.
If you have any questions, you can reach out to us at support@planwithvoyant.com.
You can also click the client’s name in the top-right corner of the screen, select Request Support, enter your question into the text box, and share client access.
Thanks for listening.