If you have to move due to either job relocation or other unforeseen reasons, but can’t seem to sell your home, consider renting it. There is nothing worse than paying a mortgage payment each month on a home that is sitting vacant. Why not make that property work for you, instead of against you? Renting your home out will not make you rich, but it will help you cut costs while you wait to sell your home.
Although renting your home, while you’re not in it, is the best financial move, make sure you fully understand what being a landlord entails before you embark on this endeavor. While rental income can cover your mortgage payments, you still are responsible for those mortgage payments even if your rental property is vacant and/or if your tenant hasn’t paid their rent. As the homeowner, you will continue to build equity in your property at the expense of your renter. In addition to building equity in your home, being a landlord earns you tax advantages that go beyond the ordinary tax advantages you receive for paying mortgage interest and taxes on your property.
If you don’t have the time to become a landlord, but wish to benefit from such a situation, contact property management companies that can help you rent and manage your property for a small price. While many prospective landlords are under the misconception that hiring a property management company will eat into your rental proceeds, C.A.B. Group, LLC charges a mere 10% of the monthly rental rate in exchange for full-service management of your rental property.
When you can’t personally live in your property, whether for the short-term or long-term, renting your property out is a sure way to cut loses, gain tax advantages and build future equity that can be tapped down the road. If you, personally, don’t have the time to manage your rental, contact a qualified, full-service management company, such as C.A.B. Group, LLC that can do everything for you while you sit back and count your money.