We love helping homeowners decide if they are ready to rent their home, or how we can help them prepare their home for rent in the very near future.
The first question to ask yourself is: Should you rent or sell your home? We’d like to make the case for why you should rent out your house.
- Your primary home, while a necessity in life, is not typically an asset or investment. An asset makes you money. A liability costs you money. By renting out your home, you transform a liability into an asset.
- You can hold onto your property while rental income pays down your mortgage. Over time, rental property values (hopefully) will continue to climb and build your wealth. If you can rent out your house for more than your monthly expenses, you will also experience additional monthly cash flow. That’s the goal for all potential landlords—and what we at California Leasing Property Management would love to help you work through to your goals.
- Start your investment career with no additional costs. Renting your property could be the first step in a tried-and-true method for building wealth. Many real estate investors start this way—renting out their homes as they upgrade to bigger or better houses. This may also help fund your retirement, as you may end up owning multiple properties “free and clear” by the time you are ready to retire, providing monthly rental income or a lump sum if you sell.
- Retain the possibility of returning to that home. This is especially helpful if you’ve been forced to move quickly because of a temporary job relocation.
As we head into the New Year, it’s important to have a plan for investments and retirement, and luckily we’ve assembled the experts that can assist with every step!