Financial advantages and the other advantages of being a landlord. Financial advantages and the other advantages...

Financial advantages and the other advantages of being a landlord.

Financial advantages and the other advantages of being a tenant.

Expert Solution

Financial advantages of being a landlord

You get income from the rent paid by the tenant
Tax benefits are available for owning rental property tax deduction is available on interest on a mortgage taken out to buy rental property.
when the landlord pays for the repair work of rental property it can be claimed for full tax deduction.
landlords can also deduct travel expenses when travel is related to responsibilities of landlord.
legal fees are also deductible expense when there is a necessity of taking a legal action to evict a tenant.

Financial advantages of being a tenant

The initial investment to rent the home is quite low when compared to purchasing a new apartment
The renter has Limited responsibility when it comes to take care of repairs of home.
The rental is not impacted by items such as property taxes
Insurance cost is lower as renter only have to insure contents of the property and not the property itself

jeff jeffy answered 2 years ago

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