You’ve thought long and hard about what to do with the extra space in your home. Ideas like mancave and craft rooms, maybe even yoga studio, have crossed your mind. In that brainstorming process, you decided to bring in some extra money and become a first time landlord.
Here are the 5 reasons you’ll love being a first time landlord:
Extra Monthly Income.
Did you know that you can cover an average of 75% of your mortgage payment with the income from renting your space? A good vetting process of tenants also ensures that the upkeep of the apartment is at a low cost to you.
You’ve seen from those renovation shows on TV that adding things to your home like rooms and amenities, bring in more value to your home. A finished room is a valuable room, both to you and to potential buyers in the future.
Tax Write Offs
Wouldn’t it be nice to get tax breaks and get a nice refund? Home repairs and remodels can be written off for your benefit. We got an article about home repairs for you to read. Then, head on over to you tax guy and ask how it can happen.
While you are in between tenants, a finished space can mean accommodations for family. Heck, they can be your tenants! A finished space could mean more room for family and friends that are visiting, or an interim place for others that are in between living arrangements. This puts you in the position to help other people out.
Having other people living with you means that there will be an extra set of eyes to watch your house. When you leave for an extended vacation or have your living space to yourself, there will be a built-in buddy that will help you when you need it most. This also adds security to your home as it discourages burglars.
Building in the Perry Homes Southern Utah community places you close to colleges that have many possible tenants. Also, the area is growing so much, that a nice home is something people are looking. Let us know what benefits you’ve seen in your extra spaces.