There are some obvious benefits of renting out a condo, including:
•Additional income - Renting out a condo adds extra value to your annual income. If you rent out your condo at the price of $1,500 a month, you can earn $18,000 a year as supplementary revenue.
•Enhanced value over time - We all know that property value increases over time generally, so the longer you own your condominium, the more it will sell for in the future.
•Decreased taxes from expenditure rebates - If you repair or upgrade the condo. In return, you can add that value and reduce the expenditure from your income that will consequently decrease the percentage you owe in taxes.
•Security for the future - The rent you receive every month can be allocated to a retirement or emergency fund that’ll always come in handy in the future.