Wihcon Properties

Buy or Rent?

Considering whether to buy or rent your dream home? Check out this article and you might just get the answer you’re looking for! Don’t forget to click the button below to subscribe to our blog.

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There are many reasons why a homeowner might end up with a vacant home, but regardless of what those reasons are, he or she must decide what to do with the property. Selling it is probably the first thing that comes to mind. After all, it’s easy to stick a sign in the yard and think you’ll never have to deal with it again. However, turning it into a rental is often the better option. Here is a look at some reasons why

Tax Deductions

People who rent out their homes gain the ability to write a number of the related expenses off come tax time. These expenses include mortgage interest, property taxes, some money used for improvements, insurance, unpaid utilities, and expenses that occur when you travel back to the city where your rental home is located to do any work related to the property.

Extra Income

In many cases, rental income means extra income for the homeowner, especially if the house is paid for. Even if it is not, the rental income may take care of your monthly mortgage payment and often leaves you with a little extra cash or money that can be used to pay off the mortgage sooner than you originally planned to. It can also help you build equity.