Magnetic Refrigerators
Magnetic Refrigerators
Oak Ridge National Laboratory and General Electric have teamed up to create a revolutionary new type of refrigerator that uses magnets to create cold, also known as the magnetocaloric effect (lowering or raising the temperature of the material by changing the magnetic field).
Ultra-Efficient Heat Pumps
Ultra-Efficient Heat Pumps
The Building Technologies Office is ushering in the next generation of heat pump systems, which warm and cool your home by moving heat from one space to another. A fuel-fired, multi-function residential heat pump that can reduce primary energy consumption by 30 percent.
Clothes Dryers
Clothes Dryers
The same concept behind heat pump technologies that keep your home comfortable can also be used for another important application: drying your clothes. Oak Ridge National Laboratory and General Electric are developing a new type of clothes dryer that uses a heat pump cycle to generate hot air needed for drying.
Smarter, More Connected Homes
Smarter, More Connected Homes
We live in an increasingly connected world -- the same is true for our homes. New electronic devices and appliances can now be linked to the Internet to provide real-time data that makes it easier to understand and lower energy use.
Next-Gen Insulation
Next-Gen Insulation
Insulation is one of the most important ways to reduce your home heating and cooling costs. The Industrial Science & Technology Network is developing new foam insulation made with environmentally friendly and advanced composite materials that ensure heat doesn’t escape from the attic, walls and other areas of the home during cold winter months.
Advanced Window Controls
Advanced Window Controls
Lawrence Berkeley National Laboratory and Pella Windows are working on new highly insulated windows that use sensors and microprocessors to automatically adjust shading based on the amount of available sunlight and the time of day to ensure proper lighting and comfort, saving consumers energy and money.
Reflective Roofing Materials
Reflective Roofing Materials
Cool roofs coated with materials containing specialized pigments reflect sunlight and absorb less heat than standard roofs. Expect these types of roof systems to get even “cooler” due to new fluorescent pigments developed by Lawrence Berkeley National Laboratory and PPG Industries that can reflect nearly four times the amount of sunlight of standard pigments.

Energy-Saving Solutions

From heating and cooling to electronics and appliances, it takes a lot of energy to power our daily lives. Our homes use 37 percent more energy today than they did in 1980. But without energy efficiency -- through technology innovation and federal energy conservation standards -- this number would be a lot higher. In fact, even though our total energy use has grown, our energy use per household is down about 10 percent, despite that our homes are larger and contain more devices.

Save Energy Systems

19 June 2019

The Pros and Cons of Becoming a Landlord

Many people who are interested in investing their money in real estate choose buying rental property. Investing in rental properties is a great way to earn some extra income on the side, and research shows that now is the perfect...

The post The Pros and Cons of Becoming a Landlord appeared first on HomeSelfe.


Many people who are interested in investing their money in real estate choose buying rental property. Investing in rental properties is a great way to earn some extra income on the side, and research shows that now is the perfect...

The post The Pros and Cons of Becoming a Landlord appeared first on HomeSelfe.

Many people who are interested in investing their money in real estate choose buying rental property. Investing in rental properties is a great way to earn some extra income on the side, and research shows that now is the perfect time to make your move.

According to Pew Research Center, there are more renters in the U.S. now than at any point in the last five decades.

However, some people are simply not cut out to be landlords. Before you invest your money in rental property, it’s important to understand the pros and cons of being a landlord.

With this information in mind, you may avoid the common mistakes that landlords make, especially first timers.

Pro: Extra Source of Income

Landlords receive monthly rent checks from their tenants, and this additional income is one of the main benefits of owning rental property. Even if you have a mortgage on the property, the monthly rent should be high enough to cover the payment so you can hold onto this investment without paying out of your pocket.

The amount of money that landlords earn can vary depending on the type of property and location. But, the average rental price in the U.S. is at an all-time high of over $1,400 a month, making this a lucrative opportunity for landlords across the country.

Pro: Tax Deductions

Landlords must pay taxes on rental income, but there are certain tax deductions that can benefit them. For example, landlords can lower their taxable income by deducting the cost of repairs, maintenance, and other expenses related to their rental property.

The depreciation of the property is tax deductible, too. To take advantage of this deduction, landlords must deduct a percentage of the property’s value from their taxable income every year. Landlords can also deduct annual property taxes, which can be reduce taxable income by thousands of dollars.

Tax deductions like these can lower landlords’ taxable income and the amount owed to the IRS. This can be a considerable advantage of buying rental property.

Income from a rental property

Con: Maintenance and Repairs

Landlords are responsible for making repairs and maintaining their properties. This means communicating with tenants, hiring technicians and handymen, and ensuring the work is done correctly.

Making repairs and maintaining a property is a headache. Plus, it can cost thousands of dollars a year, especially if major repairs are needed.

Con: Time Commitment

Being a landlord involves so much more than simply collecting a check at the beginning of each month. Landlords must market their properties and perform background checks on prospective tenants. They must write and enforce the terms of rental contracts in addition to resolving any disputes that may arise with their tenants.

Landlords must answer their tenants’ questions and respond to requests for repairs and maintenance. Some landlords must also obtain rental permits from the city or county government in order to rent out their properties.

As you can see, being a landlord is a time-consuming and stressful side gig. Keep this in mind when deciding if making this investment is in your best interests.

Pro and Con: Long-Term Investment

It’s important to understand that rental real estate properties are long-term investments. This is both a pro and con depending on how you look at it.

Hopefully, the property you purchase will grow in value over the years, which means you will eventually be able to sell it for more than you paid for it. In the meantime, you can rent the property out so it generates rental income that will make your finances grow.

The downside of this is the fact that your money will be tied up into a rental property for years. If you need money to pay for an unexpected expense, you will need to either refinance the property or sell it in order to get cash. Both of these options could take months, which makes it difficult to “cash out” of this investment.

There’s no doubt that rental real estate properties are a wise investment. However, this does not mean that purchasing a rental property is right for you. Think long and hard about whether or not becoming a landlord is right for you before making this significant investment.

The post The Pros and Cons of Becoming a Landlord appeared first on HomeSelfe.


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