Last month we began to look at some Good Real Estate Moves in Any Market Condition (read Part I here), and now let’s continue the discussion with three more considerations to be made regularly to maximize the performance of your real estate.
As we embark on 2019, our objective as your advisor is to help you achieve success with your real estate, and to provide you with the benefits of our consulting platform which focus on seven key considerations. In Part I we looked at items 1-4, and in Part II we will look at items 5-7. Click the Read More Link Below.
Evaluate Long Term Strategies
Are you planning to buy or sell, move, or lease a new property? These decisions need to be carefully considered and planned for months or years in advance. When was the last time you reviewed your long-term portfolio and estate plan to find opportunities? It can be advantageous for you to have a second pair of eyes and ears offering insight into how to maximize your real estate holding performance. We value and welcome the opportunity to participate in these evaluations and decisions with you now, and we make it our aim to provide you sound advice for executing the plans that have been established.
CPA’s, Tax Attorneys, General Counsel
Dovetailing off the previous topic, proper evaluation of real estate decisions often times involves more than just a good broker to help you execute the transaction. What does your CPA, Tax Attorney or Accountant say will be the tax implications of the various choices you face? It is important to have input on the tax event that may be created as a result of your next move. Furthermore, an attorney may be consulted to assist with assessing the legal effect and liability, including contract review, of certain transactions. Having your real estate agent, tax advisor and legal council working in concert when needed will enhance your success.
Laws: Existing, New or Pending
Finally, what are our elected and appointed officials preparing in Sacramento and Washington? Will new laws or regulations affect your original plans? How will these changes affect your tax liability now and in the future?
Currently, California is trying to propose legislature and a ballot initiative called ‘California Schools and Local Communities Funding Act.’ This may sound great at first glance, but what does it really mean? It is a split-roll property tax initiative designed to tax commercial and residential property differently. Effectively, commercial property that has been held by the current owner for some time faces significant reassessment and increased property taxes. But the problem is that those increases, by nature of commercial leases, are passed on to the small businesses that occupy these spaces. It is going to effectively work as another tax on small businesses and individuals who own them. Hopefully, the surplus of funds will be properly allocated and used for effective school improvement.
How does all of this affect you?
It depends: we are ready and able to assist you in evaluating your scenario and decisions. Please contact us today to discuss your situation.
Christopher J. Destino, a Principal at Lee & Associates, is an engaging, responsive professional who enjoys working closely with his clients and helping them succeed.