Columbus, OH Owner Occupied Properties Offer Big Benefits
Columbus, OH is experiencing an increase in the number of owner occupied properties throughout the city. Columbus is one of the major cities commercial real estate analysts are are watching for trends, and the reason for the increase in Columbus, OH owner occupied properties is directly related to the benefits they offer to commercial real estate investors.
Owner Occupied Properties Are Easy To Manage
For new investors, hiring an on-site property manager can eat into revenue. Most commercial real estate investors won’t consider property management unless they are juggling multiple rentals in different locations, or large office buildings. With owner occupied properties, Columbus area commercial real estate investors can handle issues more directly and keep an eye on tenants without breaking the bank. Managing your own properties can save upwards of ten percent of rental revenue.
Repairs And Renovations Are Write-Offs
The IRS allows for a wide range of tax deductions for owner occupied properties. With Columbus, OH owner occupied properties, if something needs to be fixed, that counts as a deduction. Keep in mind that property investors cannot deduct labor, only parts. Additionally, the IRS is always keen on having paperwork to support any claims. So even if you get a replacement set of keys for a tenant or patch up a small hole, keep the receipts for the items you buy from the hardware store. In essence, you will be able to claim deductions for taking care of your own home with an owner occupied property.
Owner occupied rentals offer yet another big tax deduction not available to regular homeowners in Columbus, OH. Commercial real estate investors can claim depreciation on those units occupied by tenants, offering potentially thousands of dollars in savings every year.
It comes as no surprise that when tenants know their landlord lives on the premises, they tend to behave better. No loud music late at night. Tenants pick up after themselves. They may even volunteer to help out with some of the regular upkeep. As opposed to leaving things in the hands of a management company, Columbus property investors have a final say in the screening process for potential tenants.
Financing For Columbus, OH Owner Occupied Properties
There are a number of affordable financing programs available for Columbus, OH owner occupied properties. A-Key Funding Solutions offers everything from conventional financing to SBA loans and more to help you purchase owner occupied properties throughout the Columbus area. Contact our office today to learn more.