When you’re relocating, many people assume this means they need to sell their home. Of course, you want the money your home is worth so you can pour it into your new home. But is this truly your only option? In some cases, there’s another option. Consider renting out your home!
Maybe you’ve had your house on the market for a while, but you haven’t gotten any bites. Maybe you need to move quickly, and you haven’t had time to market your house properly. Whatever your reasons or your situation, there are benefits to renting your home out.
Why you should consider renting your home out
We know real estate is a good way to make income, make investments, and boost your wealth. All three things sound pretty great, right?
Some people use the equity they’ve built in one house and use it against their next. Buying a house is an incredibly large expense, so it makes sense you might want to use what you’ve built in one house to pay for the next. The option of investment stands, though. You can turn your home into an investment property, reaping the benefits of the added income renting the home brings along.
Turning your home into an investment property surely has some benefits.
The benefits of renting your home out
For starters, you may be able to get better interest rates for your mortgage. You can try talking with several mortgage lenders to find one who will work with you in your individual situation and help you make a financially responsible decide with your property.
You also have the knowledge of potential renters because you’ve lived in the area for a while. At least, for some period of time. You know to market your property, you know it’s strengths and weaknesses, and you can help your favorite real estate professional get to know the property better, too.
Because you’re living in the home before you move (for most situations), you have a chance to fix the property while you’re still living there. Repairs, updates, and new appliances are some issues you can tackle. However, if
you wait until the property is rented out, it’s entirely possible more expensive repairs can be written off with the help of whoever your financial consultant may be.
So, you’re thinking of renting out your home?
Welcome to Club Landlord. There’s work involved here which doesn’t involve extra income. Instead it involves some challenges like finding tenants, finding good contractors, late payments, and more. Maintenance can be difficult, especially when you’re not around to witness the scenes or situations requiring maintenance. Not to mention, there is a financial cost associated with owning a rental property.
There are times when your property will be vacant. There are times when your property will be damaged, or otherwise. One way to seal the deal on an effective and less stressful rental is to find a property management company.
The good news is that a property management company would have your back. At Real Estate Experts, we offer property management services that would fit your every maintenance, property service, and management your rental needs.
Real Estate Experts
Our property management team is ready to hear from you if you’re looking to turn your home into a rental or investment property.
At Real Estate Experts, you pay zero lease-up fee, which means we don’t get paid until you do. Once your property is leased, we charge at the bottom end of the spectrum, just 8% of the rent. And that’s our only fee, ever. Not only do we provide some of the cheapest rates, but I also feel confident telling you that we provide the best service you can get.
In order to charge the least and give the most, we can only work with excellent clients. Learn what’s required to be a Real Estate Experts client.