Most people purchase rental property and become landlords as a way of making some extra money. However, there are other perks to becoming a landlord that are not mentioned as often as financial gains. As you're deciding whether or not purchasing rental property is the right choice for you, be sure to keep these lesser-known perks of being a landlord in mind:
You get to meet some great people.
Many landlords (the good ones, anyways) form friendships with their tenants. That's not to say that everyone who rents from you will become your fast friend, but you're bound to meet a few tenants who you get along with and get to know over the years. If you're the kind of landlord who drops by to check that everything is okay, collects the rent in person each month, and hosts holiday gatherings for tenants, you'll have a pretty easy time forging these relationships -- and your tenants will come to really respect you.
You become more involved in the community in new ways.
When you purchase rental property and become a landlord, you gain access to a whole new community of people. Suddenly, those town meetings seem a little more important to attend, since changes in town will affect your property values. You become more involved in matters such as this and may even find yourself joining local property owners' organizations to bounce ideas off other landlords. Through activities like these, you begin to feel more connected to the community where you own property -- and this connection increases your sense of self-worth.
You experience a sense of freedom when it comes to work and finances.
This is more true for landlords who make property ownership and management their full-time endeavor than for those who work full-time and own a property or two on the side. When you go from working for someone else to working for yourself as a landlord, the increased freedom feels like a sigh of relief. You can work on your own schedule, make your own decisions, and develop new skills that you really value, rather than ones your employer wants you to learn.
Even if you still work full-time and only own a property or two, working on your property management project should be very satisfying, since it's something you're doing for yourself. You may find yourself better able to focus at work since you now have another outlet for your skills and creativity.
Being a landlord is not always easy. You may have to get up at 2 am to address a plumbing emergency, figure out how to tactfully kick out a non-paying tenant, or repaint a lot of walls. In the end, however, you gain a lot more than just money by becoming a rental property owner.
For more information about real estate, contact Realty Executives or a similar company.