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3 Benefits of renting out your condo
Published By: The Good Life | December 19, 2019
Real estate is one of the best things you can invest in. Property rates, especially in prime locations, are always appreciating in value. Owning an #SMDC condo in the right location is one of the best ways you can own real estate, and renting it out can make it even more beneficial to you. Here’s why:
It’s passive income.
Renting out your space means that you make money with minimal effort. Essentially, you just have to collect your tenant’s payments for rent and manage any maintenance or repair concerns. Your tenant pays for utility bills; and you can come to an agreement with them on management fees. With rent, your condo helps pay for itself.
Maintenance and security become easier.
It’s easy to think that no occupancy means less maintenance. However, renting out your space actually allows you to maintain your property better because your tenants will notify you of any repairs or concerns. Unoccupied properties are susceptible to damages going unnoticed or overlooked. Moreover, occupancy brings your property security from strangers illegally entering or utilizing your space.
Your property will appreciate in value over time.
Because SMDC residences are always located in prime locations that are always developing, property value appreciation is steady. Renting out your condo will allow you to make money off it now, while you wait to sell at the best possible time where you deem the return of investment to be right for you.