Getting ready to move, but having a hard time selling your house? Or maybe you’re ready to move on, but you don’t want to have to deal with a real estate agent. Why not try putting up your Bend house for rent!
If you’ve ever thought about being a property manager, there’s no better way to get your feet wet than by managing a single home. Here are a few other reasons why you might want to consider renting out your house instead of selling it.
Avoid selling your home at a loss
It’s one thing if you’re having a hard time finding a buyer, it’s a completely different situation altogether if your home is valued at less than what you purchased it for. In this case, you’ll actually be spending money to have lived in that home, which kind of defeats the purpose of owning a home in the first place.
The good news is, property markets turn around all the time. Instead of selling your home, rent it out. At some point in the future, when the housing market improves once again, you can consider selling if you realize renting is not for you.
This point comes with a bit of a caveat. It’s true that rental properties can be great for passive income. By pricing your house right, your tenants will cover the cost of the mortgage, plus a little extra. It is a bit of an artform to price a house correctly. Fortunately, some simple math can help you determine a good monthly payment.
But… How much passive income you receive depends on how many repairs the home needs as your tenant lives there. It also depends on how gentle your tenants are to your property. As the landlord, you may end up spending more time dealing with the property and your tenants, which may cut into your passive income too. After all, time is money!
It’s easy not to think about taxes once tax time comes and goes, but you could be saving big all year long, especially if you own rental property. And, the list of tax breaks is longer than you think.
As a rental property owner, you can itemize your deductions with a professional CPA to get the most bang for your buck. Possible tax breaks include:
- Necessary and reasonable repairs to the property
- Travel costs incurred while doing business
- Landlord insurance
In addition, you can deduct wages and salaries for any employees, as well as contractors. That includes:
- Property managers
- Carpenters, electricians, and plumbers
- Architects, landscapers, and gardeners
- Roofers, carpet-layers, and painters
It’s not as much work as you might think
There are definitely some things you need to consider before you take the plunge, but owning a rental property is only as much work as you make it. If you like the idea of putting up your Bend house for rent, but you don’t want to do all the legwork, hire a professional property manager.
Here at Mountain View Property Management, we can take care of all the hard work for you. From collecting rent to making repairs and more, we make owning rental property easy. Just give us a call today and we’ll tell you exactly how we can make owning a rental home a piece of cake.