So you're about to put your house on the market — but wait, is this the right step?
There are huge benefits to owning a rental property right now, and it could turn out to be a better option than selling up. Take a moment to think about your choice, because your decision could have a serious impact on your life.
Not sure how? Read this first to discover the benefits of owning rental property.
It's Passive Income
Passive income is a holy grail of sorts for personal finance. A rental property sits in the background of your life, generating income even when you're hands-off.
This opens up a lot of possibilities. You could reduce your own working hours, perhaps even quit your job. Or you could keep working and watch your combined income shoot through the roof. Either way, passive income has the potential to change your lifestyle.
Whether you're an accidental landlord or you've made a conscious choice, this kind of income could transform your finances.
It's a Booming Market
As in most places around the US, rental prices in Texas are on the rise. Demand for housing is high, driving up rental costs. Younger people, from millennials on down, are renting for longer than previous generations.
This has kept demand strong, and there's no sign of things slowing down.
That means it's a great time to be a landlord. You can enjoy renting in a competitive market and even increase your rents year on year.
It's One of the Best Investments Around
Property is one of the oldest forms of investment around. Why? Because it's also one of the best.
Ignoring the vagaries of the moment-to-moment market, property has been on a consistent upward trend for decades. It's not hard to see why, with increasingly urban lifestyles and explosive population growth.
If you're investing in other ways, then having a property in your portfolio also means you have another excellent string to your investment bow. Selling your property means you lose your investment, which could harm your overall financial profile. You can also leverage a property against other investments, allowing you to expand your portfolio.
Change Your Mind? Sell Whenever
Of course, you should also remember that the choice to buy or rent isn't weighted evenly. Renting out your home isn't a major commitment like selling would be — you can always change your mind if you ever decide to sell later. But once you've sold a property, it's gone.
By renting, you can have your cake and eat it. Rent out your property for as long as you please and sell later if you feel like it. You might even sell it for more down the road, thanks to appreciation.
The Many Benefits of Owning a Rental Property
As you can see, there are many benefits of owning a rental property (and not selling!) according to market trends and the simple daily reality of the property market in Texas. It could be one of the best investments you make.
Want to rent out your property without the stress? Contact us today about our management services.
