How much will your home rent for?
As a proud Austinite, you already know that Austin is one of the best cities in the country, attracting more than 150 newcomers every single day. People are flocking to Austin from all over the country, drawn to our laidback charm, outdoor adventures, excellent nightlife and restaurant scene, stellar educational and job opportunities, and much more.
You did the smart thing and invested in a home of your own in Austin, helping build your family’s financial security for a long time to come. But now it’s time to take advantage of the booming rental market. That’s right- build wealth and bring in extra income by purchasing a second home in Austin as an investment property. Here are a few of the top reasons this is a wise move:
You know that great feeling you get when you see your home’s equity go up every time you pay down the principal a bit more? Imagine multiplying that great feeling by two (or three, or four, as you add more investment properties to your portfolio). In a housing market like Austin, where there are still deals to be had but homes are steadily increasing in value, owning a second home is an ideal investment.
You rent out the home in order to cover the mortgage, and watch the equity build steadily over time. This is a smart, stable, low-risk way to build wealth and get you and your family much closer to meeting your long-term financial goals.
As more and more people move to Austin, they all need a place to live. Competition for nice rental homes is stiff, which means you have your pick of qualified tenants. The booming market also means that you can expect your rental income potential to increase steadily year-over-year. A booming rental market eliminates much of the risk of becoming a landlord. The days of rental homes sitting vacant for months are long gone. Young professionals, families, and students are all looking for a nice home to rent.
In addition to the promising market of long-term rentals, Austin continues to be a popular tourist mecca. This means that in addition to traditional rentals, you also have the option of renting the second home as a short-term vacation rental, potentially boosting your rental income quite dramatically. While some owners of investment properties do opt to take advantage of the vacation rental trend, others opt for the security and infrequent turnover offered by long-term renters. You and your family can decide what’s right for you.
Hiring a property management company to manage your new investment property is the answer to nearly every prospective headache of becoming a landlord. Professional property management companies have the resources and skills to market your property to the best tenants, screen applicants thoroughly, and set your rent at the right market rate.
Having a professional property manager on your side also means that you don’t have to worry about the thankless, often inconvenient tasks that come along with owning a rental property. Toilet clogged or a pipe burst in the middle of the night? Ants making their way into the kitchen? House need a deep clean in between tenants? Your property manager will handle all of this for you while you relax and enjoy the financial benefits of owning a second home in a hot city like Austin.
Interested in experiencing these benefits for yourself but not sure where to start? Let Property Management Pros handle all the details for you. Learn more about investing in Austin by contacting us today.