Your existing property may become vacant for many reasons: move overseas, purchase of another home, etc. This presents an opportunity to go into the property rental business.
Renting out your property rarely results in sudden wealth. However, it can be a great source of immediate income as well as a long-term investment.
Consider these 3 excellent reasons for renting out your property:
- Homes placed on the market for sale can take several months, even years before a serious buyer comes along. Finding a suitable tenant is often much quicker and will bring in income while you wait for a sale.
- Not only are rental transactions quicker but they also provide the benefit of assisting with the payment of any mortgage loan related to the property.
- If you’re not satisfied with your current home value, renting out the property to obtain income to make upgrades that will increase the home’s value is a great idea.
While renting a property brings income, it does come with its share of headaches. As a landlord you will be responsible for maintaining the property and sometimes you have to deal with difficult tenants. This is why many property rental owners hire a Property Manager to handle tenants’ concerns, deal with rent collection, etc.
Should you rent your house or sell it? Do your research; weigh the pros and cons of your situation before making a final decision.
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