How much will your home rent for?
The housing market crash that heralded America’s current economic slump hurt lots of people, from banks to real estate agents. No one was more impacted, however, than homeowners trying to sell their property. As the market dried up and loans became tougher to get, property values plummeted. The home someone paid three hundred thousand dollars for a few years earlier was suddenly worth half that, and even at that price finding an interested buyer is tough. An option that many people don’t realize they even have is to rent their home. Even if you don’t think you’re cut out to be a landlord, property managers can help with the actual property management while you enjoy the benefits.
One of the main reasons that many American homeowners decide to rent their home is to essentially ride out the current economy. Your property was an investment that may not return well in the current market. Choosing to rent gives you a source of stable income while you wait for the housing market to pick back up. Once it reaches the point where you can get the price you want for your property, selling is a viable option. Until then, renting makes waiting much easier. Don’t be dissuaded by the hassles you’re imagining accompany renting. There are property managers available who handle all of them for you.
If you’re moving out of state, renting may be a great ‘just in case’ option, as well. While you’re gone, property managers will handle all of the ins and outs involved with renting your property. From listing it on the rental market, screening applicants, handling lease agreements, and more, property management companies excel in handling your arrangements. And you’ll still own your home, in the event that things don’t work out where you’re moving. Hate your new neighborhood? Job fell through four months after moving for it? You’ll have the option of moving back into your old home.
There’s one more thing to consider about renting, as well. Renting your home provides a number of tax breaks. Expenses related to repairs, mortgage fees, and nearly any other expenses concerning your rental property are tax deductible. Even the depreciation on the home can be. So in addition to keeping your home until the market picks up and having a steady source of income, you’ll notice some benefits when April’s tax deadline rolls around. Property managers make renting your home simpler than you can imagine. If your home isn’t selling, it may be time to consider becoming a landlord.