Owning a rental property is possibly a great passive income for many people. Aside from the passive income property owners get from rent, there are more financial benefits to having a rental property.
Why should you have rental properties?
1. Mortgage payments
Owning a long-term rental property eases the financial stress from paying mortgages because someone else is paying for you!
2. Tax deductibles
Mortgage interest payments and other associated costs may be tax-deductible for both the short and long term! If you are only renting part of your properties, there are ways to do the calculations that can save you from overpaying taxes!
3. Maintenance fees covered and appreciation value
Other than the cost of mortgage payments, the general cost of maintenance fees and the appreciation value of the property can be the two big benefits of rental properties.
