In recent years, the United States has seen historically low mortgage rates, with many homeowners opting for a 3% rate or even lower. However, with the recent economic shift, the market has seen a sharp rise in demand for rental properties, creating a unique opportunity for homeowners with low mortgage rates. This post will discuss how these homeowners are unexpectedly becoming landlords and how Kiley Management can assist in this new venture.
What is an accidental landlord?
An accidental landlord is a homeowner who decides to rent out their property due to unforeseen circumstances, such as job relocation or the inability to sell their home. However, in the current market, homeowners holding onto a low mortgage rate are finding that renting out their property can provide them with a new source of income.
Benefits of becoming an accidental landlord:
Becoming an accidental landlord can have numerous benefits for homeowners. First, it can provide a steady stream of rental income, which can offset the cost of the mortgage payments on their new house. Second, it can also provide long-term appreciation, as the property's value may increase over time. Additionally, being a landlord can provide homeowners with tax advantages, such as deducting mortgage interest, property taxes, and other expenses related to the rental property.
What if I don’t know the first thing about being a landlord?
Becoming a landlord can be daunting, but Kiley Management can help make the transition smooth and stress-free. Our team of experienced property managers can assist with everything from advertising the property to finding and screening potential tenants. We can also handle the day-to-day property management, such as collecting rent and maintaining the property. Additionally, we can help guide the legal requirements for becoming a landlord, such as rental agreements and tenant rights.
The low mortgage rates of recent years have provided an unexpected opportunity for homeowners to become landlords. Homeowners can enjoy a steady stream of rental income, long-term appreciation, and tax advantages by renting out their property. If you're in this position, Kiley Management can help make the transition to becoming a landlord smooth and stress-free. Contact us today to learn more about our property management services.