Being in the military means that you will always be prepared to move. If you purchased a home, there are plenty of advantages to keeping it. Here are the top 7 reasons to stay in your home rather than sell it.
Tax Advantages
You can still deduct your interest from your taxes if you use the home as an income property. Verify with your accountant or a real estate expert, such as RentEasy, to ensure that you are maximizing your deductions.
Property taxes, mortgage interest, repairs, and supplies are some of the deductions available to you as a landlord. We have a thorough list of write-offs for rental properties available on our site as well.
Booming Rental Market
The rental market is thriving across the nation. Renting costs a lot more money each month in many urban locations than paying a mortgage. If you don't rent out your house during your deployment, you could be losing out on a lot of money. This will allow you to continue working while in the military.
However, renting your house has a number of obligations, including tenant screening, rent collecting, upkeep and maintenance, and financial accounting. If this is more work than you can handle, RentEasy property managers are available to assist you in completing all of these tasks while you are away.
Housing Security
You never know whether a deployment will be shortened or extended. There are also many potential unforeseen circumstances where you may have to return home early. Should that happen, having a place to stay will relieve you of a lot of stress.
If you have completed your service in the military, you will also need to find a place to live. In this case, you could spare yourself the hassle of looking for a new residence and keep your home.
Reduced Mortgage
Renting out your home means a third party can pay your mortgage. In addition to paying the mortgage and insurance, the rent you receive can also enable you to set aside some money in case the property needs repairs while you are away.
The easiest place to find out how much rent will cost you is to look at what neighbors in your area are already paying. Though, you will also want to do your research and even get advice from a real estate expert.
RentEasy property managers are available to advise you and assist you in choosing the optimal rental price for your house if you are unsure of how to value your home. Additionally, we will provide you with a FREE customized rental analysis report.
Use as a Vacation Home
Using your home as a vacation stay allows you a little more flexibility. If you rent out the property for a few days in a month it can help to cover costs, allowing you to come and go whenever it's convenient or renting out the space to friends and family for a weekend getaway.
You can always find the time to handle repairs yourself or hire a property manager to check on the house once a month or so while you're gone. Additionally, you can use it as a getaway spot for your family or as a vacation house for you and your loved ones to visit during the holidays.
You Love the House
Before buying your home, you spent time and effort choosing the ideal house for you. Selling your home should be the last option you think about, given how difficult it is to find a property with your preferred features.
When selling your home you must research the market and begin shopping for another home to buy, which may not be something you have the time or finances for. If you already like your house and the location, renting out and keeping it makes the most sense.
Knowing that it is being taken care of will give you peace of mind. When deciding whether to sell your house or rent it out before you deploy, it's crucial to get the advice and counsel of a real estate expert. RentEasy is more than willing to assist you in determining your options.
Hire a Property Management Company
You should seek the assistance of a property manager if you are concerned about home repairs and all the hassles that come with renting out your home. A trustworthy property management firm, RentEasy, can handle every aspect of managing your rental property, including locating the ideal tenant and collecting monthly rent.
In the case of an emergency, we will handle all communication and contact repairs. We can find you the ideal tenants who will take care of your house like their own while you're gone.
We will ensure that your lease agreement and your property are fully compliant with all rental laws. With us as your property managers, you will also get the best insurance and tax breaks available, as we are expert accountants as well.
Work With RentEasy Property Management
Here at RentEasy, we manage all types of properties, including single-family homes, multi-family homes, and apartments. You can be sure that we will take care of all your property needs and its tenants.
Contact us at 757-347-8952 or visit our RentEasy website for more information. We'll be glad to respond to your inquiries and give you additional details about our property management services.
