Though many people purchase Beacon Hill condo to use as their primary residence, many buyers opt to rent out their properties instead. If you’re thinking about becoming a landlord, consider a few of these advantages and disadvantages first.
The money collected from tenants typically covers the mortgage and bills in the Beacon Hill condo you’re renting out. However, if you charge higher than the total expenses and mortgage payments, you can also use the money to put toward costs in your main Boston condo. Leftover income is revenue in your pocket.
Equity and Tax Deductions
The Boston condo you’re renting out is likely to increase in equity and value the longer it is in the rental stage. The appreciation can also earn you a deduction during tax season. The rental home’s repairs, legal fees, professional fees, and travel fees are all eligible for a tax deduction. Keep receipts of these services to take advantage of the savings.
Quarrels with Tenants
The main disadvantage of renting is the potential of a difficult tenant. Naturally, you’re aiming to rent your property to a nice tenant, but it’s always possible you’ll end up with one who has a contentious personality. The renter may avoid paying the rent, damage the property, or breach the lease, and the discord between the two of you may even escalate to eviction. Searching for a new tenant to occupy the space can quickly drain you of time and energy.
Maintaining a rental property can also be a stressful disadvantage. It’s up to you to make sure the general appearance of the home is up to par, and you need to make time in your busy schedule for emergency repair issues as well. Repairs will likely continue after the renter leaves because you’ll need to make preparations for the next tenant.
Though rental properties tend to get snatched up fairly quickly in downtown Boston, there’s always the chance yours will remain vacant for several months. Some people might think the rent you’re charging is too high, and so they pass up your home for cheaper arrangements. This forces you to either pay the mortgage and bills out of pocket or lower the rent in hopes you’ll find a tenant more quickly.
Whether you want to live in Boston downtown condo or rent your property to someone else, there are many wonderful Beacon Hill condos, lofts, and penthouses currently on the market. Contact Ford Realty today to find out the latest properties up for grabs. Give us a call today at 617-720-5454.
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