We’ve all heard the horror stories of becoming a landlord and renting out your home, but does it always have to be such a bad experience? Here at Community Property Management, our main priority is to take away all of the stressors from homeowners so they can simply sit back and reap the benefits of owning rental property. So, what are the benefits you ask? Below is a short list of a few of the benefits of renting out your home.
Generate cash flow/extra income
The first benefit to mention is the most obvious and one that everyone hopes to accomplish. You should always try to rent out your home for more than your monthly mortgage. This money comes in handy for other monthly expenses like childcare, car payments, or the electric bill in the home you actually reside in.
Tax Deductions & Write Offs
Another major benefit of renting out your home are the tax deductions from the expenses incurred throughout the year. Examples of expenses that you can write off include insurance expenses, HOA fees, security system costs, cleaning/lawn maintenance costs, repairs, utilities, legal and accounting expenses, mortgage interest and real estate taxes, etc. Be sure to contact your tax advisor to learn more about the tax benefits from owning rental property.
“There’s No Place Like Home…”
This saying can be so true depending on your need to relocate to a different home. Whether you have taken a new job that requires you to relocate to a new city or you’re finally taking the plunge and moving in with your significant other—sometimes things just don’t work out and can be temporary. Renting out your property allows you to come back to it in the future if you should need to.
Avoid Loss During Poor Housing Market
The housing market may look phenomenal right now, but that won’t always be the case. Sometimes selling your home is definitely not in your favor, so renting it out until you have the ability to sell for a much larger profit just makes the most sense.
These are only a few of the benefits of renting versus selling your home. Please contact Community Property Management today if you have any questions or an interest in renting out your home and we can go over how our “headache-free” process truly works.