Getting Started Owner-Occupied Rental Business
With a lot of people wanting to rent a place near their workplace, there are more homeowners or property owners who want to get started with their owner-occupied rental business. There are a lot of benefits when you live with your tenants. Basically, all your rules will be followed and most likely, you will only get tenants who can abide by them and will not mess with you.
What makes it more interesting is the fact that you get to earn from your property especially when you are the only one living in your property or have several spare rooms available in your building.
The Costs of Starting this Kind of Business
When it comes to the costs of starting any business, most people would usually cringe to the hefty amount that they have to get from their pockets. However, this is how business works. You have to invest for a starting capital before you can reap profits and earn from your chosen business.
With an owner-occupied rental business, you actually don’t have to spend a lot as you can save a lot of money especially when it comes to writing off expenses as well as certain deductions that a single paying owner won’t enjoy. Whenever you have issues with repairs, you can write off a certain percentage of the amount you could pay especially when parts of the areas that must be repaired are already within the areas that are occupied by tenants.
Benefits of Starting an Owner-Occupied Rental Business
There are a lot of benefits when you start this kind of business on your part as the sole owner of the property. Some of the major benefits that you can take advantage of are as follows:
1. Lower maintenance and management costs
Since you are letting other people take care of the other parts of your property as they are the ones occupying these areas, you get the freedom of doing the maintenance and even the management of these areas. All you have to attend to are the major maintenance connections like water and gas pipes or the heating and air-conditioning systems. Most likely, you will not have any issues with such things since there is a great chance that your tenants are more responsible as you, the owner, are living with them.
2. Easily write off your ownership expenses
This is among the perks that a lot of property owners would like to take advantage of. As the owner, you can write off the rental expenses against your rental income. Say, when you have to repair the main water connection, you can’t write that off to your personal residence. However, if there is a repair required for the water connection of a 3-flat building and you, the owner, are the occupying only one of the flats, you can write off 2/3 of the total repair costs.
These are just some of the benefits that you can get from choosing to start an owner-occupied rental business. All that you have to do is to know more about this kind of business and conduct a thorough research of how you can smoothly operate the business.
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