Renting out your home rather than selling it is becoming more and more popular. In 2006, 31.2% of homeowners rented out their homes. By 2016, 36.6% were renting out their homes. So, what’s behind this growing trend? Many people are finding that there are numerous benefits to renting out their homes. Here’s why.
If you’re like a lot of homeowners, you want to move, but don’t know what to do with your home. You could sell it, but that can take time and money. Rather than let your home sit empty before you’re ready to sell, you can make money by renting it out to someone else. This can help pay your new mortgage, bills, or add to savings. Many people even turn to renting out their home into a permanent business. All you really need to do that is a good rental listing app, a landlord app, or a property manager if you don’t want to do it yourself.
If you already bought a home and yours hasn’t sold, you might not be able to afford two mortgages. You can get renters to help cover the costs. You can look at property reports and get a rent estimate for what to charge, and you can still keep your home on the market if you want. Just make sure the tenant knows what you’re doing. This can be a perfect situation for someone who is looking for a short-term or flexible lease. Renters can be easy to find nowadays if you talk to your neighbors, post on social media, or use a rental listing app.
You can also save money if you rent out your home because you will be eligible for tax deductions. Each year, you can get a tax deduction equal to your home’s depreciation, for repairs you’ve made, or for insurance and mortgage payments on the home.
If you rent out your home, you will have someone to take care of it for you. This can prevent break-ins, damage, and keeps you from having to check on the home. You may still be responsible for fixing some things or paying for snow removal and lawn care, but that will depend on the lease agreements, which will be up to you. Usually, you can find a tenant who is willing to do all of the maintenance and pay for the utilities themselves. Take that into account when you are coming up with a rent estimate or posting a rental listing.
If you decide to rent your home out, you can usually do so very quickly. You won’t have to find a realtor, have open houses, or wait for a closing. With just an online rent estimator tool and a rental listing app, you can have someone living in your home in a matter of days.
Renting out your home instead of selling it can make you money, save you money, and ensure that your home is cared for after you’ve moved out. If you don’t want to sell yet, at all, or are having trouble selling your home, rent it out.