Our very own Lynchburg, Virginia, made it to the top spot in Reviews.org’s research detailing which cities are best for millennials to move to. As reported by ABC 13 News, this migrating demographic may reflect ideal renters or potential buyers in the Hill City. You may wish to learn how to benefit from an influx of new residents. At Jones Johnston & White, P.C., we have earned a reputation for helping property owners avoid mistakes when preparing for a rental or sale.
For those oldest millennials, who were born in 1980, many are gearing themselves up to hit the big 4-0. It may not be too surprising to learn that the generation known for commercializing avocado toast might be looking to settle down someplace pleasant and affordable. Career prospects may not seem as exciting as those in Silicon Valley, but millennials find Lynchburg attractive because of its low cost of living. Property owners might benefit from renting to millennials who are not only attracted by the cultural arts, but also enjoy hiking the great outdoors.
Renting out a residential home or vacation property in Lynchburg may require specialized contracts and agreements. First-time landlords might need to form a new business that is designed to accept rental payments as income, which is taxable. If renting to a millennial who suddenly and unexpectedly loses his or her job, you may also require assistance in exercising your rights as a landlord if you need to collect any unpaid rent.
Selling your property in Virginia may be a complex matter, especially when there is a surplus of new residents moving into the area. An abundance of sellers may cause the asking price of your property to be lower than you expected. Protecting the value of your assets during a lengthy real estate transaction is an important priority that may warrant special consideration. Our page on preserving your property rights provides you with information regarding potential problems you might encounter with real estate transactions.