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Are Millennials Destroying the Real Estate Market?!

Why is Buying a Home Not a Big Deal for Millennials?

Depending on who you ask, the Millennial Generation are people born in the early 1980s to the early 2000s. It’s the generation who came of age after The Great Recession. Although the housing market has recovered since the economic downturn of the late 2000s, Millennials are still living with repercussions that other generations didn’t experience in their youth.

For example, Millennials have a greater student loan debt than previous generations. This has caused a restriction on the labor market, limited job and income opportunities. Due to this, Millennials have pushed back important financial decisions like home-buying.

Another reason Millennials aren’t buying houses right away is due to the fact that starting a family is not an immediate goal. Millennials are postponing marriage and having children in order to discover what they want out of life.

You can view the situation from two sides:

WHY BUY? 

  1. Builds Equity
  2. Tax Reduction
    • Interest
    • Property Tax
  3. Major Life Milestone

WHY RENT?

  1. Stays in Budget
    • Paying monthly rent is much easier than the accumulating debt from a mortgage. Especially for those who already have debt from student loans.
    • There are even more expenses with closing costs, home insurance, and property tax that all add up in the end.
  2. Go as You Please
    • The chance to pack up whenever you like gives Millennials more opportunities to travel & see world.
    • You aren’t tied down by a mortgage, so you’re free to move all over.
  3. Test the Waters
    • Renting provides opportunities to try different neighborhoods before committing to one area.
    • Trendy areas in cities that might attract Millennials tend to be less expensive for renters than buyers.
  4. Maintenance & Upkeep
    • Yard work, repairs, and maintenance are usually handled by the property management company.
    • Millennials are hard working with jobs and school, the little free time they have they want to enjoy life rather than spending it on upkeep

At the end of the day, there are many pros and cons to buying and renting houses. Go with the option that suits your needs more than the needs of others.

If you’d like to find out information about rentals in the Greater Chattanooga/Northwest Georgia Area, feel free to call DK Property Management. We handle everything from rental services, real estate, and property investment. Call us at (706) 935-4444 to speak with a professional today!

When is it Time to Upgrade Your HVAC?

These tips are ensured to help you save money and stay comfortable when it comes to replacing or repairing your HVAC.

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As a Rule of Thumb

Is your HVAC system more than 10 years old? Is your furnace, boiler, or AC running a lot, making you pay more than you should be in energy bills? It might be time to start considering your options when it comes to replacing it.  Now, don’t jump up right this second and make an expensive purchase.

First Step

Go take a look at your HVAC system and check for any air leaks. This is less expensive to fix, and could very well be the root of your problem. There are many energy efficiency professionals that can do an assessment on your home, testing the pressure of the home which can detect any costly air leaks. Once you’ve come to a conclusion on whether or not you’ll replace or repair your HVAC, finding a professional to do so is your next step.

What Makes a Professional?

Taking the necessary precautions to ensure the expert is indeed the best of the best is incredibly important. This professional will be working on the systems in your home. It can ultimately affect the general well being of your home and family. If a minor error is overlooked, the HVAC system could leak toxins into your home. These include carbon monoxide, and mold growth. It could even start fires, costing you more in damages.

A professional will have certain certifications and qualifications, such as a NATE (North American Technician Excellence) Patch, verifying that they have received this national certification. This professional will also be required to conduct a load calculation. This test will size your HVAC system, taking in multiple variables of your home.

If your HVAC professional cannot verify their NATE or complete a load calculation, it is better that you continue your search elsewhere.

5 Signs a New Roof is Needed

How Can You Tell if a New Roof is Needed?

The roof of a home is an important thing that most homeowners might overlook without even thinking about it. How do you know if it’s time to make repairs to your roof? How do you know if it’s time to replace it all together?

Before you spend any money, determine if you need a new roof by asking yourself these important questions:

How Old is My Roof?



A roof should typically last you between 20 and 25 years, according to experts. If you have replaced your roof before, was the old roof completely removed, leaving you with one layer of shingles? And was the roof properly ventilated? If the answer is no, and your roof is more than 20 years old, you might need to call an expert.

Are My Roof Shingles Curling and Buckling?



When your home is getting direct sunlight, take a look at the slopes of the roof and see if you notice and curling of the shingles. It could mean that the roof is either defective or it has reached the end of its life.

Are the Shingles Covering the Roof Valleys?


Valleys are one of the most important parts of your roof. They help snow and rain flow down into the gutters. If the shingles on these valleys are missing or broken, the valley itself is now defective and could lead to roof leaks during bad weather.

Is My Roof a Trampoline?


Cautiously walking on your roof is a good way to detect moisture in the decking. If the roof feels bouncy,  go inside your attic and see if there is any sunlight coming through the roof boards.

Are Granules Clogging the Gutters?


If you notice discoloration in the shingles, check to see if bits of fallen debris have clogged the gutters. This is a sign it’s time to replace the shingles.

 

In conclusion, a few damaged shingles doesn’t mean it’s time to replace the entire roof. When in doubt, contact a professional roofing company to discuss further options.

How to Spot a BAD Property Manager

Is Your Property Manager Showing Any of These Traits?

The stress of managing your own rental property can get pretty intense, so when the time comes to find someone else to do the job, you might just jump at any opportunity without thinking too much about it. If being a successful property investor is a goal of yours, understand that you shouldn’t just pick any property management company, you need to employ a professional to manage your investment properties on your behalf.

In the article “9 Reasons to Hire a Property Management Company,” we discussed all of the reasons you should hire a property manager, but in the list below, we’ve compiled five red flags that a property manager might not be the professional they say they are.

  1. Compliance Issues 
    When managing a rental property, there are several local, state, and federal regulations that one must abide by. It is a property manager’s job to search for any compliance issues to make certain that you and your rental property are staying compliant with these laws.
  2. Lack of Communication
    What is the point in having someone manage your properties if you can’t get a hold of them when needed. If your property manager is constantly missing your calls, or taking days to get back to you, it might be time to find a professional who will make you their priority.
  3. Consistently Late
    If your property manager is not sending you reports and any relevant or important pieces of information on time, then they are not the professional you need to manage your rental properties.
  4. Laziness
    It is your property manager’s job to follow through on all important tasks. Such as, making sure repairs are getting done on time, tenants are being professionally taken care of, and that the property undergoes regular inspections. If they are lacking in this department, look elsewhere.
  5. No Maintenance
    A professional property manager will always ensure that all maintenance and repairs are done on time, and are done well. Letting this go without batting an eye is a HUGE red flag. You want someone who will always make sure your property is in it’s best shape, and constantly taking action to do so.

Just keep in mind that this professional manages your investment properties on your behalf. If a property management company displays any of these traits, it is in your best interest to continue searching for someone new.

If you have any further questions, or would like to hear more about DK Property Management, feel free to give us a call at (706) 935-4444!

9 Reasons to Hire a Property Management Company

Why is Hiring a Property Management Company So Important?

Although managing a rental property can have a rewarding financial outcome, doing so requires a lot of time, effort, and hard work.  On paper, managing your own properties might seem more convenient. Considering the commute, constant maintenance calls, and countless hours as a landlord, you’ll find it is much more impractical.

You might find that you’re not even having time to do anything that you actually enjoy anymore. Hiring a property management company will take all of the workload off of your shoulders. It gives you the time to live your life while still making money. Here are some of the tasks that a property manager will handle for you:

  1. Rental Rates
    A great property management company will make sure they complete an in depth market study before setting a rent rate on your property. This will ensure that you get the maximum monthly income while also maintaining a low vacancy rate.
  2. Collecting & Depositing Rent
    Making sure that tenants make payments on time can be challenging. That’s why property management companies have effective systems in place to ensure that payments be collected and deposited on time.
  3. Marketing
    To put tenants in your properties as quickly as possible, property management companies are equipped with adequate marketing and advertising departments. These highly trained individuals know where to market your rental properties, as well as how to design content for those ads.
  4. Finding Qualified Tenants
    Property management companies ensure that the tenants for your properties are highly qualified. This includes all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
  5. Managing Tenants
    Once a property management company finds qualified tenants, they will continue to manage a tenant-landlord relationship, handling any and all conflicts, routine inspections, and all maintenance issues.
  6. Maintenance
    The most experienced, professional property management companies will come equipped with 24 hour service that will handle all ongoing maintenance and repairs as well as respond to emergencies.
  7. Housing Regulations and Property Laws
    When it comes to maintaining your rental property, there are numerous applicable laws and local, state, and federal regulations you must abide by. Avoid any legal trouble by hiring a property manager to make sure all your properties are in compliance with these laws.
  8. Opening Investing Opportunities
    When you manage your own rental properties, you’re stuck in a small radius, having to stay close by. This limits your opportunities to invest in real estate within a larger radius. A property management company can give you more of these investment opportunities.
  9. Giving You More Time
    A property manager handling the income of your rental properties saves you time. This gives you the chances to enjoy your life and/or grow your career while still making money.

Conclusion

Finding the right professionals to manage your properties is incredibly important. When making the decision, keep these nine reasons in mind. Don’t let the stress build up and make you miserable. Do what will benefit your properties, as well as yourself.

Our team at DK Property Management are highly trained individuals who are available to answer any and all questions. If you’d like to speak with a professional about real estate investing, give us a call at (706) 935-4444!