Owning residential real estate for many people is an investment and serves as a way to make money. If you own a home, why not make it work for you? Here are some things to consider:
**If you have a home you are considering leasing, please reach out to me. I'm here to help.
THE PRO'S
Steady Income: You can generate a consistent rental income, which may cover your mortgage and potentially provide profit.
Property Appreciation: Over time, your home may increase in value, allowing you to benefit from both rental income and long-term capital gains.
Tax Benefits: You may be able to deduct expenses like property management fees, repairs, and depreciation on your taxes, reducing your taxable income.
THE CON'S
Where will you live? You need to find a place for yourself to live that isn't more than the rent you would propose to charge your tenant. You could end up sacrificing in location, size or condition but maybe you were already planning to downsize!
Maintenance and Repairs: As a landlord, you're responsible for ongoing maintenance, repairs, and any unexpected property issues, which can be costly and time-consuming.
Tenant Issues: Problematic tenants can cause damage to your home or fail to pay rent, leading to legal and financial headaches.