Selling your home might seem like the obvious solution when you’re moving out of it, but there is a case to be made for renting instead of selling. If you’re wondering why rent your property in West Palm Beach, FL, consider the return you can earn on your investment, and whether you have more to gain by holding on to it.
Rental Market Strength
While owning a home was once the cornerstone of the “American Dream,” that’s no longer the case, especially for the mobile and highly skilled millennial generation. Renting has recently become more popular than buying, and the south Florida rental market is strong. You can expect a desirable pool of renters in the West Palm Beach area, and high rental income. When you sell your home, you cash out of your investment, and you don’t have the opportunity to access this potentially lucrative rental market.
Preserving Your Asset
When you decide to rent your home out, instead of selling, you’ll basically have someone else paying your mortgage. While your tenants continue to pay you every month, you’re earning equity and slowing building a higher and higher return on your investment. Depending on your mortgage and the costs associated with your property, you might even be able to earn some cash with your rental income every month.
As a rental property owner, you can access several tax incentives, which will offset the income you earn on your property. Talk to your tax advisor or your CPA about the deductions you can take on the maintenance expenses, improvement costs, and professional services that you need to manage your home.
Deciding whether to sell or rent your property is a personal decision, and depends largely on your personal and financial circumstances. If you’re wondering what’s right for you, contact InvestPro Properties to discuss all of your options in detail.