If you’re sizing up or down, PCSing to a new community or just looking for a change of pace, you might be putting in the work to make sure your home gets top dollar on the real estate market. While becoming a landlord may not be on your vision board, owning a rental property has a litany of financial rewards. Here are a few:
Property Values are Only Going Up.
The real estate market is hot in Moore County — and also everywhere. You could sell now, or you could let a tenant pay your mortgage (and then some) while your home continues to gain value. If you’re thinking of moving back to the area, our basic math skills tell us it’s smart to hold on to your property and let it generate income, rather than sell it now only to potentially spend even more on a new home when you return.
Moore County Has a Hot Rental Market, Too.
Families are flocking to Moore County, at a time when home inventory is low and all housing is in high demand. New residents with military ties may be in the area for a short amount of time and find a rental home more appealing than a property they will need to prepare to sell in a few short years. Many military families may also be homeowners themselves, and have a higher respect for your income property than a single renter. A company like MCL Property Management can help market your home to reach the renters you want to attract.
Two Words: Tax. Deductions.
You’re probably thinking that you’re going to have to fork over a bunch of money to maintain your rental, because even general maintenance like painting, fixing gutters, and landscaping add up. Ok, you’re right, but all those repairs are tax deductible, as is some of the costs of the trips you make back and forth to the property. Office supplies? Deductible. Insurance premiums? Deductible. Fees paid to property management companies? You guessed it, deductible.
Investment Properties Build BDE (Big Dividend Energy).
The more equity you can build up in your property, the more buying (and borrowing) power you will have. Using the equity in your rental to buy a new home is a boss move that will have you on your way to becoming a Real Estate Tycoon in no time — suit covered in dollar signs not required.
It Can Be a Hands-Off Investment.
A passive income stream you don’t have to think about or work for is l.i.t.e.r.a.l.l.y the dream. Having a full team on your side, like the one behind MCL Property Management, will make sure the only extra task on your plate is to enjoy that extra cash flow. Learn more here.