Benefits of Rental Homeownership
Owning investment property may give you financial and personal benefits, including:
- You are the owner of the investment property. When you decide to buy an investment property, you become your own boss. You get to choose the property, tenants and set your rent.
- Potential Appreciation of Property Value. Your property value may increase and may give you a highly leveraged asset.
- Rental Income and Cash Flow. Investment property could create a cash flow.
- Hugh Tax Write-Offs for Investment Property. You are entitled to tax deductions. Speak to an accountants to determine all of your specific tax write-offs.
Buying an Investment Property
The banks classify an investment property as a home that’s non-owner occupied. In other words, you plan to rent the home to tenants 12 months out of the year. The main purpose aside from any tax benefit and equity growth is to produce income from the rent you collect. Rental properties can be hundreds of miles from your primary residence or they can be next door. We can help you understand the costs of owning an investment property. You will need to have all the information to help you determine if investment property you’re considering makes sense. Getting prequalified is the initial step in the mortgage process, and it’s generally fairly simple. We will help you take the first step toward your home financing goal with a pre-qualification consultation. Call us today or simply prequalify online. Our free Mortgage Pre-Qualification Form is also available to download.