With America’s economy in rapid recovery, a revival of the real estate market, and affordable prices, there’s no better time than now to invest in real estate property. For 33% of buyers in 2014, investing in a home was a first-time endeavor, but for many, real estate property can be an excellent supplementary asset to your pre-existing property ownership, particularly rental homes or luxury homes.
Here are four benefits of investing in rental property:
- Be Your Own Boss
Real estate property is an excellent means of supplementary income. According to recent surveys, there are over 115 million occupied homes or housing units in the U.S. alone. Becoming a landlord of one of these properties gives you the luxury of making many professional decisions on your own, such as choosing a tenant, the maintenance of the home, and what hours you choose to work.
- Money In Your Pocket
When you invest in rental homes as a means for supplementary income, your receive direct profit from investing in luxury homes. Even after mortgage payments and money set aside for repairs, rental properties give you a supplementary income you will be able to depend on.
- A Place to Get Away
Even if you only rent out your property for part of the year, a rental home gives you and your family the opportunity to get away every now and again and experience life in a different way. Vacations can get expensive; what with flights, the cost of accommodations, and eating out, it can cost thousands of dollars to have a relaxing week away. With a rental home, you’ll be able to run as free as the wild horses without having to strain your bank account in the process.
- Tax Write-Offs
When you invest in rental property, you are afforded the opportunity to receive huge tax deductions on your rental home’s mortgage and any and all credit card bills used towards the maintenance of the home.