In times like these, people are asking themselves questions they would never have considered asking before. With the hit that many industries have taken as a result of the COVID-19 crisis, perhaps you’ve even thought about becoming a landlord in the Arlington area. As an Arlington property management provider, we know that owning great spaces is one way you can bring in the lasting returns you need to shelter you and your family.
Where a side stream of income once seemed realistic, the pandemic has called into question just how secure many forms of income are outside of the reliable returns you can see from the right rental property. The question is: should you become a landlord? It's certainly not for everyone! Let’s look at some questions you may want to ask yourself before taking the plunge.
Were You Planning on Selling Your Home—but Now Have Doubts?
Maybe you were in the midst of moving and were preparing to sell your house. However, you might be having second thoughts about this after the real estate freeze caused by the COVID-19 crisis. While restrictions are starting to lift on showings and other services, this doubt is understandable considering the anxiety people are feeling due to the economy. With COVID-19 still lurking in the background, some people are tentative about selling their home right now for fear of not getting the best price.
It's also worth noting that the availability of the everyday mortgage has changed. Lenders have tightened up their practices as a reaction to market pressures, and the concern they have that the pandemic will trigger a runaway train of risky lending in the wake of lowered interest rates. This means that your pool of buyers has shrunk considerably for the foreseeable future.
Even if you can find a buyer and selling your house outright may give you fast returns now, you do have another option that yields sustainable, lasting returns: renting your Arlington home! For great people who were looking to buy a home but have now found themselves unable due to a job loss in the family or lending restrictions, renting your great space is their only alternative. Even after crisis conditions lift, the need for renting won't be disappearing any time soon. If you like the idea of a long-term plan for the future, then renting out your home is definitely worth considering.
While it's no longer your primary residence, renting your home still comes with certain tax benefits that you can tap into. Working with Arlington property management can help you maximize these perks at tax time.
Could You Use an Extra Revenue Stream in Uncertain Times?
As we mentioned before, it never hurts to have some form of side income in the wake of massive closures across just about every industry besides grocery stores, delivery services, paper and household products, and booksellers. If you or someone you know were furloughed or suffered some other loss of income, this is probably your most pressing concern right now.
Despite everyone's concerns that renters wouldn't be able to pay their rent in June after stimulus payments from the CARES Act were distributed nationwide for families in May, more renters paid their rent in June of this year than they did in 2020. These are the kinds of lasting returns that make owning and holding rental property so desirable.
Are You Thinking of Retiring—but Still Want to Tap Into Reliable Income?
Maybe retirement is right around the corner for you. You could be debating on whether you should go ahead and retire now or work several more years. If you desire to take early retirement—but need more cash assistance to do so, then property investing is one way to make that happen. When you get involved with investing in great spaces, you’ll have the lasting returns you need to make retirement not only possible, but also enjoyable! Working with Arlington property management to maximize the potential of your spare-home-turned-rental is essential to supporting the kind of gains you need to fuel your retirement.
Do You Want to Be a Full-Time Real Estate Investor?
You may want to go ahead and dive into real estate investing full time—some people even make it their career! You can turn any property into a great space that houses great people and yields lasting returns by developing your plan as a property owner turned landlord. Part of that plan involves having an experienced property management partner there to help you every step of the way. The right property manager handles every detail of your rental property, from screening and placing great people into your great spaces to managing rent collection.
When you connect with RentSimple, you'll discover a qualified and reputable management company that takes the work out of becoming a landlord! You’ll be thrilled as you watch your income increase through sensible property management. To get started on learning more about the kind of details we manage for you, peruse our free Collecting Rent in a Crisis Handbook to see the hurdles of ownership that we handle!