Friday, May 9, 2014
If you own a house, condo unit or investment property, you have the opportunity to earn extra income.
Here are pros and cons to consider when renting out property:
Putting up your property for rent involves certain responsibilities. Routine maintenance of the property is a must, in order to keep the property from falling into ruin. You should also be available to address the tenant’s concerns, which may range from plumbing problems to squabbles with neighbors.
The main benefit of renting out your property is the monthly income that comes with it. If you’ve bought the property using a mortgage loan, the monthly income can be put forward to pay for your monthly dues. However, you should also consider vacancy periods, as getting a tenant is not always easy.
Renting out property also involves some expenses. These come in the form of maintenance, repairs and minor renovations should you consider adding value to your rental property. If your property is part of a homeowners association, then monthly dues are required.
Keeping your property to lease out also means you’ll enjoy the perks of property value appreciation. Renting out your property now will earn you a monthly income, but the appreciation of your property can also be a great benefit once you decide to sell it later on.