Property owners who need to move out of the Orlando area often assume they will need to sell their homes. But instead of selling, it might be a better idea to rent that property outto high quality tenants who will maintain it and pay rent every month. Here are some of the benefits you should consider before you sell your home:
When you rent your property out, you earn rental income. A few extra hundred dollars can be handy every month. This will be especially beneficial if you have a lot of equity in your property and you enjoy competitive loan terms on your mortgage.
Currently, home values are moving up and the expectation is that they will continue to climb at an accelerated rate. Home values did decrease in the early recession, but that’s why values are rising now. The real estate market is improving, and it makes sense to let those values go even higher before you sell.
Having a rental property on the market can give you valuable landlord experience. You’ll work with a property management team as well as your insurance carrier to make sure your home and your interests are protected during the tenancy. You’ll develop relationships with professionals who understand and appreciate your situation. It might inspire you to invest in additional real estate in the future. You can learn how to maintain homes better and improve your financial situation. Don’t forget to discuss the tax benefits of renting out your property with your accountant. You’ll be able to take several deductions at tax time.
Real estate can be an integral part of your retirement income. It provides a constant stream of income in your golden years, and you’ll also have a piece of property that can be passed onto your children if you choose to do that.
If you have any questions, please contact us at RentCare Property Management, and we’ll tell you more about why you might be better off renting out your property.