Owning a rental property has both pros and cons, but in the long run, the benefits outweigh the drawbacks.
What are the pros and cons of owning a rental property?
- Your tenants effectively pay for your house.
- It’s a great way to build long-term wealth.
- You get tax benefits.
- It’s a passive side income
- There is no shortage of renters. The rental market all over America is predicted to be strong for decades to come.
- It’s low risk. Even if the economy slides, people will always need a place to live.
- It might not be a good fit for someone who likes to be in control of their investments and doesn’t like the idea of tenants moving in and out of their property.
- The wear and tear on rental homes is greater than that of owner-occupied properties.
"Most landowners realize a huge financial gain from owning a rental property."
In my experience, in the long term, most landowners realize a huge financial gain from owning a rental property. If you have a rental property and you have questions about hiring a professional property manager, don’t hesitate to give us a call.
If you have any other questions about any other real estate topic or you’re thinking of buying or selling a home, feel free to reach out to us anytime. We’d be glad to help you.