It may surprise you, but I don’t want to sell your house 😜.
Well that is if you have the opportunity to leverage your current home into a rental property. With over 90% of homes having a mortgage of below 4% and nearly 40% having no mortgage this is especially true.
Since today is FINANCIAL FRIDAY... here 5 details to consider if you are thinking about the possibility of keeping your home as a rental.
📍Steady Income Stream: Renting out your property provides a consistent source of income through monthly rental payments. This can be particularly beneficial if you rely on the income to cover mortgage payments, property taxes, or maintenance costs.
📍Property Appreciation: History shows Real estate appreciates in value over the long term. By holding onto your property and renting it out, you will have a second hard asset growing in value, potentially realizing a substantial profit.
📍Tax Benefits: Rental property owners can take advantage of several tax deductions, such as mortgage interest, property taxes, insurance, and maintenance expenses.
📍Flexibility: Renting out your house offers flexibility in case you want to move back into the property in the future. Especially if you leave the state and want to come back.
📍Diversification of Investments: Owning rental property can diversify your investment portfolio beyond traditional stocks and bonds. Real estate can provide a hedge against market volatility and economic downturns, potentially offering a more stable and consistent return on investment.
However, it’s important to note that renting out a property also comes with responsibilities, including property management, tenant issues, and ongoing maintenance. Additionally, local laws and regulations regarding rental properties may impact your decision, so it’s advisable to consult with a financial advisor & real estate professional to make an informed choice.
🙋♀️ Reach out to me to go over if this is right solution for you.
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