Are you planning to retire in Myrtle Beach? Maybe you’re considering an investment property in Conway or Surfside Beach. Murrells Inlet and Socastee are lovely places to retire. Anywhere along the South Carolina coast provides an ideal spot for people to enjoy the beach, the golf, the fine dining, and everything else that should come with retirement.
Home prices are only going to get more expensive between now and the time you plan to retire.
Why not buy now, and rent out your future retirement home? This can be a great way to contribute to your retirement. You’ll build some equity in the property, collect rental income, and pay down your mortgage with the help of tenants who are also taking care of your property until you’re ready to live in it.
If you’re not really thrilled with being a landlord, there’s an easy solution.
Professional property management will be the easiest and most cost effective way to rent out your future retirement home. We know the market. We know the tenants. We know the competing properties. We can provide a great rental experience for you and the well-qualified tenants we place in your property.
Let’s take a look at how this would work.
Why Buy Now and Rent Until Retirement
If retirement is still several years or even decades away, there’s still an argument to be made for buying now. In fact, there are several, such as:
- Passive Income with Recurring Rental Payments
When your future retirement home is rented by tenants, they’re paying an agreed-upon sum every month. That can be put towards the mortgage, your insurance, and the property taxes you pay. It can contribute to the maintenance that’s needed at your property. Even if the rent doesn’t cover the total cost of the mortgage and expenses, you still earn money. Those tenants are paying you your loan and increasing your equity, even while you hold onto the investment.
Real estate provides a great way to earn passive income. You don’t need to go out and buy an entire portfolio of rental properties. If you buy just one home for your future and you decide to rent it out until you’re ready to live there, a single real estate investment can make you money.
- Your Investment Property Increases in Value
Another benefit to renting while you wait to retire is that you have a very valuable asset waiting for you. If you try to buy a home in 10 years, who knows what it will cost. Chances are, it will cost more than it would today. So, if you buy now, your investment property will continue to increase in value. When you’re ready to retire, you don’t have to enter the Myrtle Beach real estate market. You already have a home waiting for you.
- Taking Advantage of Tax Benefits
Renting out a home allows property owners to enjoy some pretty great tax breaks, and this will allow you to reduce your overall tax liability. Rental property owners can deduct the depreciation on their homes as well as expenses related to maintaining the property and accessing professional services to rent it out. That means your property management fee is tax-deductible, and so is any money you spend on accounting, legal fees, or insurance consultations.
Property Management Protects Your Retirement Home
It sounds great – that tenants will rent out your home and pay you rent before you’re ready to live there yourself.
But, you may be hesitant about whether you’re willing to take on that risk. Tenants can be messy. They can damage property. They can have accidents that cause fires and floods. Will you really want to live in the home after other people have been using it as their own?
This is where the real value of professional property management shows up.
We will protect the condition and the value of your property while tenants are renting it out in a few key ways. We will make sure that it feels like your home and your home only once you’re ready to retire there.
Here’s how we protect your investment:
- Fierce tenant screening. We will only place qualified, responsible renters in your property.
- Maintenance. Rental property repairs are always going to pop up, and we are here to respond to all emergency and repair maintenance needs. We’ll put together a plan for preventative maintenance. We’ll also leverage our list of preferred vendors and contractors who are reliable, professional, insured, licensed, and cost-effective.
- We will conduct routine inspections. Every time we go into your property to inspect it, we’ll take pictures and put together a detailed inspection report so you can see exactly what your property looks like.
- We’ll recommend improvements and upgrades. Consistently updating your home is not only good for its value and your ability to attract and retain tenants, but it also allows us to protect its condition. We’ll get a good idea about when appliances need to be replaced or a new water heater needs to be installed when we’re making cosmetic changes for curb appeal and marketing purposes.
- We’ll protect your bottom line, too. You can expect ongoing accounting statements and financial reports that reflect every dollar you bring in and every dollar that’s spent.
There is no need to worry about taking on all the hassles and headaches that come with renting out a home. Hire a great Myrtle Beach property management company to do that for you.
We think this area is a great place to retire. There are a lot of opportunities, your family and friends will love visiting you, and you’ll enjoy a high quality of life with a relatively low cost of living. This is especially true if you are moving into a retirement home that you already own.
Don’t wait until retirement to buy your dream home. Buy it now, and we’ll help you rent it out. For more information, please contact us at J&P Unlimited. We manage investment properties in Myrtle Beach, Conway, Surfside Beach, Murrells Inlet, Socastee and the surrounding areas.