In the United States in 2020, renters occupied approximately 43 million housing units. Rentals are an important part of our housing economy, and that is why owning one is a great investment.
If you own a rental property and are considering selling it, you may want to reconsider! You would miss out on the many benefits of owning a rental property. Keep reading for five reasons to keep your rental property instead of selling it.
Make a Passive Income
Owning a rental unit allows you to bring in a monthly income almost immediately. This is because the monthly payments you make on the unit are covered by rental fees that the tenants pay you. This allows you to quickly see income from your investment.
Rental properties can be a very low-maintenance investment. If you hire a property manager to take care of the property, you can make an income without having to do much at all!
High Return On Investment
Rental units provide you with a high return on investment, also known as ROI. Housing values almost always appreciate over time. If you hold onto your unit, you can wait and sell it when the time is right.
If you stay up to date on maintenance for your home, its value can increase just by sitting there. A good property manager can help you by staying on top of maintenance and repairs. That way, your home's value stays intact!
It's Easy to Do
A lot of investments require thoughtful strategy and insight. Investing in real estate is easier and requires no special training. You can make money off your investment without having to answer to anyone else.
If you are intimidated by the idea of managing a rental property, don't worry. You can manage your investment with very little effort if you hire a property management team. Property managers can handle the day-to-day issues with your property so that you don't have to put in a lot of effort.
They handle things like tenant turnover, repairs or maintenance, as well as any issues that come up. They can help you find and keep qualified tenants. With the right property manager, you can trust that your investment is in the right hands.
Diversify Your Holdings
Owning a rental property is a great way to diversify your investments. No matter what the market is doing, investors always say that the strongest portfolios are diverse portfolios. Investing in real estate is a reliable way to get the most out of your money over time.
And once you find a reliable property manager, you can grow your investment easily. Procuring more properties is easy once you have someone to take care of them for you.
The Benefits of Owning a Rental Property
Owning a rental property is a great investment and can require very little effort if you hire the right property manager. Our team at HomeRiver Group can help you maintain your Northern Virginia property investment. Give us a call today to schedule an appointment!