To consider the question, Should I Rent My House could mean you did not have any luck selling it with an agent or by yourself. The decision to rent your house to a complete stranger can be an overwhelming one. The pros and cons of renting versus selling your property can be a real head-scratcher. The pain of being a landlord and the risks attached to it prevents many people from hosting the idea of renting their home. However, renting a property has benefits of its own.
Here are 5 reasons that renting your house that may help push you over the fence:
- Cash Flow: No matter how many assets you own, cash flow issues can tend to follow you like a black cloud. Increase in cash flow is a good incentive to rent out your house. Not only is your property preserved as an investment for your future, but you also earn real-time cash flow through it. In case of a mortgaged house, the rent received from a property is usually high enough to cover the monthly mortgage payments, helping you eventually own the property.
- Housing Market is down: Another reason to temporarily rent your house is if there is a crash in the housing market. Selling a property in a busted economy can be heavy on your pocket. Due to cash flow issues, you may not be able to afford to keep your house sitting idle. In this case, it is beneficial to rent your house till the housing market recovers and you get a fair price for your property.
- Temporary relocation: Renting your house is a great option if you want to keep the doors open to returning home from a temporary move. Many people travel to different states or cities for career relocation, family commitments, or other factors. Instead of selling your house, it’s a good idea to keep your options open and rent your property so you can return to it at any point.
- Diversify your investments: It is always better to have a backup financial plan in case of an unexpected economic job loss or getting fired from your current job. Having a rental property not only diversifies your income streams, but an asset in the holding also helps reduce your financial risk. In case of a lack of monthly cash flow, you can always rely on the monthly rent being received as a temporary primary source of income.
- Tax Breaks: Like any income derived on a monthly basis, a tax is levied on rental income. However, any rental expenses can be deducted from this and the landlord only pays tax on the remaining amount. This helps reduce the heavy tax burden on your monthly budget.
Looking for the perfect tenant is every landlord’s worst nightmare. We can take this task off your hands. Not only can we find you a renter, but we can also buy your house and ensure you get the best price possible for your property. We can help you secure your investment property and find you the perfect tenants to call your house a home! Call A Team Marketing today, 855-66A-TEAM, or click here.