With rental properties becoming more popular than ever, you may be asking yourself: should I become a landlord? While the job does come with it’s own trials and tribulations, many find that the rewards are well worth it! Here are the top three reasons that becoming a landlord can be the best decision you’ve ever made:
While financial growth may be the reason you decide to become a landlord, the matter of your personal growth is definitely worth talking about. The challenges of dealing with different people and fixing a wide array of problems will undoubtedly help you to grow as a person. Not only that, but think of the people you may meet! All different types of people rent, from retirees, to professionals, to students. Your networking pool will grow tenfold once you decide to rent out your property.
Another attractive benefit of being a landlord is the tax deductions that come along with it.
The Canada Revenue Agency has a long list of expenses you may incur that are applicable for this. These include advertising, maintenance, office expenses, and travelling costs. You may not be able to claim every last penny that goes into your rental property, you do have the opportunity to claim the vast majority.
Long Term Passive Income
No conversation about real estate rental is complete without discussing passive income. Isn’t this why we get into the game in the first place? When you purchase a mortgage, your renters will effectively be paying that mortgage. Anything over and above that, goes directly to you. Imagine being able to help your kids with post-secondary education, or putting some extra funds away for your retirement. With a little bit of hard work and elbow grease, owning a rental property can make those dreams a reality.
Interested in joining the growing group of Calgarians that own rental properties? We can help you decide what mortgages would work best for you, so that you have more time to focus on your tenants and your burgeoning bank account!