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What’s Your Plan For Your Home in 2021?

what's Your Plan For Your Rental Home

As a Property Management Company in Gwinnett County, “What’s Your Plan For Your Home” is a question worth asking.  Whether you are renting your home or currently living in the home, knowing the answer can be a proactive approach to staying ahead of the curve.  Many of us got caught several years ago thinking everything was great and we would continue on course, but that didn’t go as planned. Below are a few things to consider.

If the home is currently rented, do yourself a favor and set up regular home inspections. Not just a drive by, but a walk thru.  Look for security issues and preventive maintenance items that can save you money down the road.  Your goal should be to reduce liability and future expenses. If your plan is to sell the home or renew the lease, start looking at comparables several months out. This will give you a clear picture of your options.  The downturn taught me something.  If I have the opportunity to sell and make my number, I will probably go that route.  But, I have a plan for all of my holdings and that line of thinking helped over the past few years while the market heated up.  Now, a new trend is coming around that has to be taken into consideration.  By doing these inspections, it will enable you to rent for a higher amount or sell more quickly.

If you are currently living in the home, take a moment to determine how long you anticipate living there. Let’s say your answer is two years.  Don’t wait before you put the home on the market to start doing some repairs and upgrades.  Enjoy the items now.  Visit model homes and see what is in style.  Make a list of those upgrades or repairs and perform them over time.  You will save money by planning and shopping and will enjoy them after they are completed.

If you own more than one rental home, sit down with your CPA and Property Manager and plot a course.  Whether you know it or not, a new tax rate was just passed that may affect you.  While the media had everyone distracted, the politicians slipped through another tax increase.  Look at each home and determine where you are on depreciation, upgrades, repairs, rental amounts, cash flow, and market rates.  It may be time to sell the old ones and upgrade the portfolio. By now, you have a better idea of what you like to own.  Knowing what I know now, I certainly would not have bought homes in specific areas with certain features.

For more information on selling or renting your home, visit us at www.4thavenuepropertymanagement.com. 4th Avenue Property Management is a a Property Management Company in Buford, Georgia offering Property Management Services in Lawrenceville, Duluth, Braselton, Hoschton, Buford, Suwanee, Sugar Hill, and Dacula.  We specialize in Rental Property Management.