The Valuable Perks of Becoming a Landlord
The valuable perks that you must be conscious of when you decide to become a landlord.
The Bankwest Curtin Economics Centre has funded a national survey. It has received 3,182 responses and revealed that around thirty per cent of Australians rent. Thirty-one per cent of respondents have rented for between five and ten years. Over seventy per cent have stated that their dwelling is suitable for their needs. Majority of the respondents have said that their relationship with their property manager is good or excellent. Forty per cent are very satisfied with their overall experiences of renting.
The data revealed by the BCEC survey is significant for you who plan to become a landlord. The big percentages presented by the study points to the favourable condition of the rental sector. Becoming a landlord can be so beneficial for you as it brings you profits. You have several reasons to pursue your goal. So be conscious of the valuable perks of becoming a landlord that are detailed below.
The main appealing reason for becoming a landlord is getting extra income. You can expect a steady cash flow every month from the reliable tenants in your property. The money you receive can cover the mortgage of the property. This allows you to hold on to your property as it increases in value. Your annual profit comes from the subtraction of your total annual costs on the property from your projected rental income.
The rental incomes are taxable but you can take advantage of a few tax deductions. Being a landlord means owning your own business so some expenses are tax-deductible. The major tax deductions available for you are the interest on a mortgage and credit cards used in your rental business. These also include depreciation of the purchase price of your rental property from the taxes. The repairs are tax-deductible which are due to the landlord responsibilities such as repainting and plumbing. To learn more about landlord tax deductions, check with a tax expert.
Long-term Security and Profit
Owning a rental property is a long-term investment that can increase in value over the long run. This can provide you with an ongoing income that you can save for retirement and emergencies. You can also use your property yourself when you experience a change in lifestyle or financial downturn. It must agree with the contract signed by your tenants.
Flexibility Being Your Own Boss
You are your own boss when you are a landlord. You manage your own business. You have the freedom to set your own terms and rules that are within the law and contract. You can set up your own hours and goals. You can start with one rental property and buy and rent out more properties afterwards. You can end up being a full-time real estate investor in the future.
If you hold a full-time job and own a rental property at the same time, you can hire a property manager to take your responsibilities when you are busy. Though the amount of commitment varies depending on your property and tenants, availing property management services is beneficial. With the help of a property manager, you can make sure that your property stays in good shape and your tenants stay happy.
When you decide to select a property manager, you must remember that you do not only need someone who has experience in property management. You do not only need someone who does the job for the possible lowest fee. You must find yourself a specialist property management company which has experience in property investment management.
Property management is a complex field so you need a company that specializes in it. You need an agency that can provide you with a great amount of attention and service. You need someone who makes sure that your every single management need is fulfilled. You deserve a company that has efficient knowledge and sufficient experience in the property cycle. You have the right reasons for getting yourself the services tailored to the landlord.
You can experience the valuable perks of becoming a landlord with the assistance of a property manager. You can get an extra income the easiest way. You can receive money on a regular basis. With a steady cash flow, you can increase the value of your property. You can win reliable tenants along the process.
You are offered the right and trusted property management services by the guidance of an experienced property manager. You cannot miss to experience the advantages of tax deductions. You can ensure your security and profit over the long run. You have cash to pull out when you need especially in the times of retirement and emergency. You can choose to use your property yourself when your situations demand you to do so. You can savour the freedom of being your own boss when you become a landlord. Setting your own terms and rules is within your rights to claim.