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Pros and Cons of Being a Landlord

Posted on March 21, 2019

Are you looking to rent out your property? Do you need help understanding the letting process? Wondering whether you will get the right tenants? You can easily find answers to such questions and more when you work with our professional letting agents in Newcastle.

If you have a property that you are not putting to use, renting it out is the best thing to do. There are more pros than cons of being a landlord. Here’s what you should know.

Consistent Income

The best and most plausible reason why you should consider letting your property is the consistent sum of money you receive in rentals every month. You can use this money to pay off your mortgage, manage your monthly expenses or to simply invest.

A property appreciates in value and you can reap rich benefits out of your property for years.

Claim Tax Deductions

If you are a homeowner who decides to rent out your property, you can get tax deductions on the rental income.

Tax deductions are applicable on expenses including repainting, cleaning and gardening, replacing damaged furniture, replacing water pipes and ducts, professional services, buildings and content insurance, accounting processes and depreciation for any wear and tear.

Talk to our team of property management experts in Newcastle to know what kind of tax deductions you can claim on your rental income.

Flexibility

Letting your property and making money out of it gives you the flexibility of choice about costs, contracts and terms. You can give your property on rent for as long as you like. This is almost like managing your own business albeit with a little help from property management professionals.

Maintenance and Tax

As the owner of the property, you will have to bear the maintenance costs and property tax. However, these are normal expenses you encounter even when you don’t let out the property.

So, why not consider making money from your property and use it to pay for the taxes and maintenance?

Contact Wright Residential

At Wright Residential, we understand that no two properties or landlords, for that matter, are the same. We work with you at every step of the way to help you understand and go through the letting process.

With over 100 years’ experience in the property market, we provide you professional and reliable assistance in letting your property, manage and find tenants. Contact us today for a discussion.