What are the Benefits of Owning a Rental Unit?
Buying a rental unit may be one of the most beneficial and significant purchases you can make in your lifetime. It is a bold statement to be sure but the pros are so evident and impactful, you will quickly see how that is true.
As a renter, you are looking for perks, like the ability to improve credit with rent payments or extra parking spaces. As a rental unit owner, you already have the perks and can pass those benefits on to yourself, your family and your renters. What are these perks?
6 Benefits of Owning a Rental Unit
- Regular Monthly Income
A steady, ongoing source of income that is almost passive is one of the benefits that you receive when you own a rental property. No longer will you need to improve your credit with rent payments because you will be collecting the rent payments!
- Pay Fewer Taxes
As the owner of a rental property, there are many tax advantages that are now available to you. As a renter, you can improve your credit with rental payments but you can’t deduct anything from your taxes. That’s another benefit of owning a rental!
- Historically Consistent Appreciation
Real estate has historically increased in value over the long term, almost everywhere. An investment in a rental property will allow you to create an income but it will also give you an investment that will consistently appreciate.
- Build Equity
Someone else’s rent payments pay off your mortgage! You get to build equity in an asset you own with your renters rent payments. As renter’s pay their bills on time, you will continue to pay down the interest and principal on your mortgage. This interaction allows your renters to improve their credit with rental payments while you increase the level of equity in your rental.
- Diversify Your Portfolio
A diverse portfolio of investments and assets ensures that as the markets and the economy changes, you aren’t put in a tough spot due to those changes. As an example, if your sector of work is hit with a recession, your rental property can continue to provide an income. A diverse portfolio is a healthy portfolio.
- You Can Sell the Property
No matter what happens, you have the deed and you own your rental property. That means that when you need or want to, you can sell the property. This can be for retirement, a business opportunity, an emergency or any other reason. It leaves you a built-in nest egg that can be redeemed if necessary.
CreditRentBoost.com is a Great Tool for Rental Property Owners
CreditRentBoost.com is a great way for renters to improve their credit with rent payments. It is also a great way for owners to ensure their rent gets paid on time and in full while giving helpful perks to their renters.
Reach out today to CreditRentBoost.com and see how you can start adding value to your renters and your rental property.