Recent information from the New York Times and Zillow informed us of a unique trend that has begun to take place in the renting industry. In a new way of creating profit, some homeowners are renting out their high-end homes and moving into less expensive apartments, and making a profit on the difference. Sounds like a great idea to us!
To make the numbers work to your advantage, there are several things that must be considered if you are to make a profit doing this.
First of all, you must determine if you are willing to downsize. For retirees or single residents, this could be a great way to live simply for a few years.
Secondly, you’d need to calculate the numbers well. To make a profit, your house must rent for a premium and you must rent modestly. Also remember that expenses incurred for renting out your home could be tax deductible and to your benefit.
If you think you’d be a good candidate for this kind of living situation, let our team at Valley Rental Service help you! We provide quality rental housing in North Dakota, Minnesota, and South Dakota to fit your budget. Just give us a call at 888-701-4726 today!
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