23 Jun Renting Out A House
Renting Out A House
Renting out a house for extra income is a great idea. In fact, anyone who can afford to rent out their house while moving into another one should do so. However, just because one can afford to do it, does not mean one should. That’s because there are things that have an impact on your ability to be successful or not. From finding tenants to keeping them and rent caps to curb appeal, there is a lot to know before renting out a house.
Daily property management including maintenance, bookkeeping, tenant management, and meeting a budget, are all things that can be challenging for a landlord, especially today! For this reason, we offer some insight on things to know before renting out a house. And, why you should consider hiring a property manager.
The information provided here does not, and is not intended to, constitute legal advice; instead, all information is for general informational purposes only.
Things To Know Before Renting Out A House
For starters, the rental property should be located in a high demand area like San Diego. This is crucial to know because if your goal is to make money, the only way to do that is by renting in a high demand location. Another crucial thing to know is whether or not your home is actually rentable. Put simply, does your home offer features that make a rental property attractive and appealing to renters? Last but not least, you must ask yourself one of the most important questions, “Am I cut out for this, or should I hire a property manager?” We offer some insight on all of these factors below.
Is There A Demand For Rentals In Your Area?
As they say, the most important thing in real estate is location. If you own a rental in a high demand market, you reap the advantages of being able to demand higher rents, have less risk of vacancy, and gain more applicants to screen in order to find good quality tenants. But, if demand is low your location, you are going to have a hard time finding tenants in the first place.
So before you rent out your home, ask yourself these questions. Does your rental have easy access to freeways, roadways, stores, and shopping? Is the commute a reasonable and are the schools acceptable? These are all questions renters are asking themselves when they are looking for a place to live.
Is The Property Rentable & Appealing To Renters?
Just because you decide to list your home for rent, does not mean that someone will rent it right away. In fact, there are a number of factors that play into the rentability of a home. Rentable means whether your home is appealing as a rental property. To determine the answer, conduct a rental market analysis by looking at other rental properties in your area to find out what features make the property attractive and appealing to tenants.
What Renters Want
Why You Should Hire A Property Manager
To know that your rental properties are not just being overseen, but actively managed to increase their value over time is key. Especially when you consider the world we live in today. The reality is, managing a rental property requires time, effort, organization, and attention to detail. So, before renting out your home and becoming a landlord, ask yourself this: Am I ready and capable of managing a rental property on my own? While you may be tempted to manage your own properties, it’s best to hire a property management company.
Whether you are looking to change property managers or simply want to hire one for the very first time, we can help. We manage all types of residential properties including homes, condos, and multi-family properties such as duplex and triplexes, and even small apartment buildings. If you are interested in saving time, money, and the stress that comes along with managing your own rentals we have a management solution that is right for you. Call us today at (858) 576-2176.