While it has been a long, strange year, some things have not changed. Despite the events that have seemingly changed everything, one thing remains - taxes. It is tax season yet again. While owning property in western North Carolina typically feels like a great investment most of the year, this is the one time it may feel like a burden. However, by taking advantage of the available tax deductions, rental property owners can rest a lot easier during March and April. In this article, we are making sure you know some of the top tax deductions for your property.
After a long winter in Asheville, residents are ready to get out and enjoy the sun and warmth of spring. It is one of the best times to be in western North Carolina. Soon the snow and ice will melt, and the hills and mountains will come alive with color. Trees and flowers will be in full bloom, and temperatures will be perfect for getting outside and enjoying the beauty of the Asheville area. It is the best season to explore the thousands of miles of hiking and mountain biking trails, do some fly fishing in the rivers and creeks, and take a drive on the Blue Ridge Parkway.
Apartment buildings are a major investment, and savvy owners can realize quite a significant return. The key is minimizing vacancies and building a healthy pipeline of prospective tenants on your waiting list to slide into units as soon as possible. The right tenants are as good as money in the bank. The wrong ones… well, they can be a nightmare! Filling your new Asheville apartment building requires more than completing background, employment, and credit checks (though you should never skip this step). It also involves implementing sound strategies designed to help you attract and retain great tenants.
Western North Carolina residents are ready to put last year behind them and get started with a new year filled with new opportunities. It has been trying for families to navigate the challenges of learning and working remotely. People have found themselves juggling working and learning remotely with concerns about safety. Meanwhile, we have been worried about our friends, family, and loved ones, and trying to keep the people we care about most safe. Even though some of that is still part of our lives, we are all hopeful that the worst is behind us and are ready to move on to new challenges and possibilities.
For property owners in western North Carolina, 2020 was still a year of high demand for housing. In fact, if anything, we have seen an influx of new residents to Asheville, Hendersonville, and surrounding areas. There have been many reports of houses selling sight unseen, many times at or above asking price. Renters are still searching for places to call home and finding themselves waiting in line for availability. If you own rental property in western North Carolina, there is quite a lot to celebrate with the new year.
Property ownership requires a lot of your time and energy. As the new year begins, take a moment to evaluate your previous year and try to determine if there are ways to improve.
For many Asheville residents, this has felt like an extra lengthy year. We have had to navigate a wide range of challenges we never expected, such as social distancing, working remotely, and school schedules that alternate from remote to on-campus and back again. Many western North Carolina property owners have been stretched thin in terms of time and finances and it has been challenging to keep up with all the changes and demands. Many are looking forward to the start of a new year; however, before we ring in the next year with celebrations, many property owners want to make sure they have done all they can to reduce their tax burden.