Regardless of the reason you need to move, you have a decision you need to make
There may be many different reasons you are asking yourself this question, however there are many important aspects to consider. I have found many of my clients today want to rent their property out with the full intention of eventually returning to the property in the future.
Why Rent your Home?
When a well-qualified tenant moves into your home and pays you rent, they are essentially paying for you to earn equity in your home. Once your mortgage is paid off, you have created a stream of residual income!! Owning properties will also come in handy when it comes time for retirement. While you will have residual stream of monthly income, you will have the opportunity to pull equity out of these homes, or sell them completely if you need cash quickly.
If you Own Your Home Outright
If you own your home outright, you should keep the property as an investment and begin to take in the additional residual income. With this scenario, it is extremely easy to continue to put money aside each month that will cover associated maintenance and other costs associated with being a landlord. Hiring a property manager makes this process even more manageable. Durante & Rich Real Estate does all of the work for you, while keeping you in the loop with any issues that come up, in real time.
Equity Towards Retirement
Being able to retire is important, and this is one way to help you get closer to your goals. While owning an investment property or two will bring residual income to you, the ability to pull equity out of the property as you need it is huge plus. Home values in Chula Vista, CA rose by 4.7% and are further projected to increase the next year by 4.2%, all while rents are expected to increase by 6.2%.
Time and Stress
While many people would initially want to put this into the “Sell Your Home” category, with the right property management company efficiently running the show, you would barely even notice your investment. Starting from the beginning, locating a qualified tenant is important. With Durante & Rich Real Estate, we strive to eliminate the stress factors for our clients while raising the level of customer service our tenants will continue to receive.
Why Sell Your Home?
In San Diego County, homeowners have owned the market for the past two years, which would initially make one think the time is now to sell. If you are a person who is financially strapped, are barely making the bills as it is now and needs the cash, sell. If you want to retire elsewhere and need a down payment, you may still want to consider keeping your home as an investment. There are many benefits to owning investment properties, especially in San Diego, which include:
- Continuous residual income while continuing to build equity in your property, which is appreciating over 4% annually today, while rents are raising over 6% annually!!
- Tax Benefits
- Investment Diversification
- Owning a property you can come back to intermittently, when you want a nice vacation spot!