When it comes to searching homes for sale, many people overlook the possibility of buying a home you can rent out. The perks of owning investment property and being a landlord might be something you may want to consider. Whether you are looking to build a nest egg or to offset mortgage costs, this can be very profitable.
Tax Deductions
There are many tax deductions for rental property owners. Some of these deductions include:
- Interest
- Depreciation
- Repairs
- Travel
- Your Home Office
- Insurance
- Legal and Professional Services
If you are traveling to and from your rental property, you can also deduct the mileage. You can also deduct repairs made on the property or if a home office is designated for managing your rental home.This all add up to more money come tax refund time.
Money in Your Pocket
As you look at homes for sale, you may want to compare the price you will pay with the income you will receive. Often, the rental income can supplement your monthly mortgage rate. Also, if you find the right property at the right price, the monthly rent will exceed the cost of owning your property and put money in your pocket.
Peace of Mind
Finding great tenants brings great peace of mind. It is a good feeling to know your property is providing a home for someone who needs it. It is also reassuring to have a tenant in a multi-family home you are living in. When you are out of town, you can feel at ease knowing that someone is keeping an eye on your place. Having a rental property has many benefits.
If you are looking for homes for sale you can use as a rental property, contact me, Big Mike. I will help you find the perfect rental home for sale that fits your needs.
