Nearly 65% of people in the United States own their own homes.
If you’re among them but are looking to sell, you may want to consider renting your house out instead.
If this is something you’ve been thinking about, allow us to give you several reasons as to why turning your home into a rental property may be better for you in the long run.
Keep reading to find out five reasons to rent out your house rather than sell it.
1. No Investment Real Estate Option
Have you always wanted to invest in real estate but couldn’t because of the large investment it takes? This could be your chance to jump into real estate investing without having to actually invest.
To do this, you’ll want to have some money saved up for a down payment on your new home and have plenty of your first mortgage paid off, but this is a great way to have a rental property without risking losing too much.
2. Great Learning Experience
As you go through the process to become a landlord, you’ll learn a lot. One of the most important things you’ll learn is whether or not you want to continue being a landlord.
If you do decide that renting out your home isn’t going to work for you, then you can still sell it later and have less of the mortgage to finish paying which will allow you to pocket more of the selling price.
3. Earn Extra Monthly Income
Who doesn’t love the idea of having extra money come in every month without having to put in work for it? When you rent out your home, that’s exactly what you’ll have: a few extra hundred dollars in your pocket every month.
4. Get Extra Tax Deductions
There are two ways your home can help you get extra deductions when tax time comes. First of all, if you’re renting your new residence, you’ll still get housing credits from owning a home.
The other way is through tax deductions made specifically for landlords and real estate investors.
5. Keep Your Home as a Backup
Unfortunately, not all plans work out the way we think they will. If you move your family to a new state for a job and something happens with that job, you may find yourself without a place to work or live.
However, if you still have ownership of your home, you’ll always have a place to go back to.
The Easiest Way to Start Renting Your House Out
If you’ve decided to rent out your home, you may now be wondering what to do next. While there’s too much to thoroughly explain in this post, we can give you one suggestion that will make things easy.
Look for a property management company that will take care of everything for you. If you’re in northern Virginia, go to https://www.managementpros.com/property-management-northern-virginia/ for more information.
Learn More About Home Improvement
Now you know five reasons you should consider renting your house out instead of selling it. As you can see, it’s also easy to get started when you use a property management company.
To learn more about home improvement topics so you can prepare your home to be rented out, keep reading our blog. We have tons of information that you’ll find useful as a homeowner and landlord.