Are you thinking about becoming a landlord?
If so, it’s important to do your research before you enter into the world of property investment and renting. Although it seems glamorous to have a passive monthly income as a landlord, there’s a lot of work going on behind the scenes.
However, the advantages of being a landlord far outweigh the downsides. Once you’ve established yourself as a reputable and reliable landlord, you won’t struggle to expand your business and make more money. You can work with a landlord property management in Etobicoke or your local area to further boost your success.
Here are some of the many reasons to become a landlord.
- Passive Income
The most obvious and attractive benefit of becoming a landlord (and the main reason why people enter this career path) is the passive monthly income that it provides. Once you’ve invested in at least one additional property on top of your home, you can guarantee some ongoing income if you rent it to tenants.
Passive income means you can make money without doing any additional work. While you will still need to stay on top of the maintenance of your property as a landlord, your workload will be low in comparison to the money that you receive in rent each month.
- Tax Deductions
Tax deductions are another attractive advantage of becoming a landlord. All of your rental income is taxable income, meaning you can write off your associated expenses.
You can get tax relief for things like:
- Repainting and decorating
- Building maintenance
- Repairing damage to any area of your property
- Building insurance
- Contents insurance
- Replacing damaged furniture
- Cleaning
- Gardening
- Accounting and financial services
- Schedule Flexibility
As a landlord, you’re self-employed. You can work according to your own needs and find a schedule that suits your preferences.
Although you need to be accessible to your tenants most of the time to resolve urgent queries, you aren’t tied to a traditional 9 to 5 workday. This gives you a lot more freedom in your schedule and enables you to fit your personal and professional lives together perfectly.
- It’s a Fun Career Path
Being a landlord is fun and unpredictable in the best way. No two days are the same, and you certainly won’t get bored.
Compared to a standard office job, property investment is more exciting. It opens the doors to additional opportunities you wouldn’t get as an office employee. You’re on your feet, moving to different locations and speaking to new people all the time.
- You Can Enjoy an Early Retirement
Many landlords choose to retire early simply because they can! Being self-employed in the United States offers you full control of your schedule.
You can retire whenever you like if you’ve built up a nice safety net of money over the years. Instead of spending your later years working, you can relax and spend quality time with your loved ones.
