Author: Gabby Boardman Benton
Published: March 14, 2019
Buying a home in Augusta means more than it does in almost any other city in the country- a HUGE opportunity for a return on investment- from an unexpected source.
Masters rental rates are comparable to beach or mountain vacation rentals. There are many elements that influence the cost of a rental, and depending on these factors, you can imagine making tax free income ranging from the cost to rent a house on Lake Thurmond to the cost of renting a mansion in Malibu!
In Georgia, there is a tax perk, often referred to as the “Masters Provision” that allows Georgia residents to rent for up to 14 days without paying taxes on rental income. (IMPORTANT to note that the IRS requires all homeowners to be issued a 1099 for compliance.)
Rental rates are primarily influenced by how a home is used. A sleeper home with a continental breakfast will rent for less than a home that will be hosting parties.
When we are looking for a house for our clients, we are able to narrow our search in half by simply asking what style our homeowners are looking for. Older and more traditional homes are, for the most part, found in the historical areas of Augusta Proper, while gated communities and newer construction are generally found in Columbia and Aiken counties.
If you are an investor who has purchased rental property in the area, be sure to include a clause which will allow you the option of renting during Masters. If you choose to do this, a common trade with your tenants is a free months rent.
Homeowners may choose to do a variety of things with this time out of their homes. The majority go on vacation while some opt to stay home with friends or family. All area schools are on spring break during Masters week, so planning for the family to be away is simple.
Reinvesting the money into your home is a great option for spending your rental earnings. Updating a kitchen, adding a private bathroom, or putting money into an outdoor entertainment area are just a few ways to add to your home’s appeal. The money you put back into your home adds to your equity, and if you can get your neighbors on board, the “landscape” of your neighborhood changes. Upgrades make your house more rentable and make your earning potential increase.
Are you ready to take this on? There is much work to be done, items to be purchased, and the toughest part- having total strangers in your home for an extended stay. It is important to really consider this and how it impacts your family before deciding if it is right for you. If your home is being used as a dinner, hospitality, or host home you will make more money than if you rent as a sleeper, but you are opening yourself up to more wear and tear. Generally speaking, there will be more activity in your home during this time than any other time of the year.
A great benefit of Masters rental is the pressure and hard deadline to have your home looking its best. Your rental company should provide you with a detailed check list on their expectations, and when you’re finished you will understand that TRULY no one does Spring cleaning like an Augustan!
Made Fore A Pro sets itself apart by focusing on a boutique experience with a specialization in the three miles of Berckmans Road. Our clients send us their requests and we match them to a home- we are the “matchmakers” of the Masters! There are many other great rental businesses in the area. Most of these businesses have their own niche; some utilize a rental web platform similar to VRBO and others operate under the umbrella of one of Augusta’s many hospitality houses. We highly suggest listing with multiple companies as our marketing strategies appeal to different types of clients.
Rest assured, the many rental companies in town are here to help you along the way!
Listing with us is simple and free, visit www.madeforeapro.com for more information.