Should You List Your Home for Rent in Los Angeles Or Sell It?
Are you “sitting on the fence” wondering if you should list your home for rent in Los Angeles or sell it?
There’s no doubt that the housing market in Southern California is continuing to boom right now but the reality is that many owners don’t want to sell their homes because they don’t want to pay a higher mortgage payment or can’t justify moving up to a $1 million-dollar home.
Owners who face this situation often find themselves either staying in their home or end up renting them out.
Yes, You Should Rent Your Home Out
Now is the perfect time for you to rent your home out because thanks to demand for rental properties you may be able to rent it out for a premium and use that income to pay off your mortgage.
If your home is currently paid off, you can move up to a bigger home in the Los Angeles area and use the rental income from house #1 to pay off house #2.
Let’s say that you have a young family, you could hang onto your first home, rent it out for the next 10 years and ultimately move back to house #1 when your kids are grown.
Enjoy the Benefits of Owning A Rental Property
Besides all of the tax benefits that come from owning real estate, you should also consider renting out your home for these reasons.
- Passive income – The income from your rental will be cash flow that you will not have to work harder to earn especially if you use a property manager to manage your rental property.
- Flexibility – Even though you may not sell your rental property now, you will still have the ability to sell your home anytime in the future.
- Diversification – Real estate is an excellent addition to every investment portfolio and the fact that it’s a home you’ve lived in yourself is even better because this also means that you really know your investment.
For professional property management in Southern California contact Utopia Property Management by calling us at (800) 294-4656 or connect with us online.