The three major advantages of renting out property in Queens.
Whether you own a single-family home or a multi-unit building in Queens, there are advantages and disadvantages to being a landlord. If you’re considering making this kind of investment, knowing both will help you decide if it’s right for you. The laws around tenants and landlords are different throughout New York, so keep in mind that I am talking specifically about Queens. In today message, I’ll cover some of the advantages:
1. Appreciation. Home price appreciation is very strong in Queens. If you buy a property for $1 million and hold onto it for a while, that home might be worth $2.5 million in five to 15 years. No one knows how much homes will appreciate, but they will almost certainly appreciate over time. You’re building wealth just by owning that property.
2. Depreciation. When it comes to doing your real estate taxes, you can get a lot of write-offs. Any sort of investment you make on the property is a tax deduction. Whether you install a new roof or replace the boiler, you’ll save some money at the end of the year.
3. The tenants. If you buy a property and rent it out, that income can go toward your mortgage payments, real estate taxes, and whatever expenses the property has. Your tenants could be essentially paying down your mortgage.
Real estate is always a solid investment, especially with how inflation and price appreciation are right now. Next time, I’ll go over some of the disadvantages of being a landlord in Queens, but until then, feel free to call or email me. I’m always happy to answer your questions or talk about a topic in further detail.