Whether the competitive Westchester housing market has low sales volume or is going strong, it’s always a solid financial choice to look into becoming a landlord by renting out your home.
The tax benefits and long term wealth accumulation from owning a rental property can not only gain you a profit, but it can be even more financially viable than selling your home. Without the right expertise it isn’t easy to figure out if this is the right call for you, but fortunately we at Sterling Property Solutions are here to help you discover what your Westchester home can rent for.
The Benefits of Renting Out Your Home vs. Selling It
Selling your home is a one-time deal, but renting it out is long term investment that can produce steady cash flow for as long as you want it to.
By the same token, that long term profit is preferable to selling in a weak market. Selling can sometimes feel like cutting your losses, especially if you’re having trouble finding a buyer interested in your preferred price.
On the other hand, the rent you charge can be adjusted in response to broad economic or local conditions. This flexibility renting a great option to shield you against recessions and inflation.
If you work with an experienced property management firm like Sterling, you’ll have a full grasp of local market conditions. We analyze market rents and those of the competition, changes in area demographics, and anticipated absorption levels in order to provide you with a rental assessment at the best possible price.
There are other benefits from renting out your home that you cannot get from selling. Owning a rental property can help reduce your personal taxes, and some potential deductions include management fees and maintenance expenses for reasonable repairs – there are many more. Rental property can be a great way to lessen your personal tax liability.
The demand and profits for renting residential homes has also been increasing over the past few years, especially in Westchester County. Since you can rent for as long as you’d like you may see even more benefits as those numbers continue to climb. You can even use your rental property as means to invest in other properties down the line!
Is Renting My Home Right For Me?
There are many cases where your equity may be worth more than you originally believed, and that can be worth just as much as cold hard cash. On top of that, rental prices for Westchester residential housing go up all the time. The scarcity of quality rentals is a big driver of higher rental prices, especially for single family homes.
The value you can accrue by renting is always beneficial, even more-so if you want a secure retirement plan by constantly churning out a cash flow.
How Much Would Your Westchester Home Rent For?
It’s important to know how much your home will rent for if you are interested in taking the leap. At Sterling, your rental assessment is a FREE service that will also give you valuable information on marketing your property or dealing with tenant acquisition and turnover, making it a risk free first step in your future investment.
We specialize in property management for Westchester County – our experience and reputation say it all.
Whether you’re thinking of relocating to a new home or downsizing to a smaller one, it’s always a smart idea to consider renting your current home out with the help of a well regarded property management company.
With a free assessment and the prospect of continuous future financial gains, you have nothing to lose by talking with Sterling Property Solutions anytime.
Contact Sterling Property Solutions today for all your Westchester County real estate and property management needs!
Sterling Property Solutions
77 Tarrytown Road Suite 1E
White Plains, NY 10607