Reasons Why People Rent the Extra Space.
It is not an easy task for everyone to become a landlord but you will definitely enjoy when you achieve It. One of the reasons why people prefer being landlords is because it is a long term net lease properties with income streams that are passive. If you have a living space that you don’t use frequently,You can consider renting it on a long term net lease basis. Long term net lease properties are advantageous to the landlord because responsibilities such as paying for taxes,insurance and maintenance fee are left for tenants. Stressful maintenance issues that affect other landlords do not affect landlords in long term net lease properties.
New home buyers have reduced today reason being the huge rising gap between the cost of housing and wage rise. This fact has made the market for rental houses to grow. With that in mind,you don’t have to worry when you have an extra home that is not selling. Moving to another house when you want to get closer to your job can be easier if you rent the extra space and use the income to move. Such situations are better suited by a short term lease because you may decide to sell the property later.
People will most probably rent their houses when they plan to return later. It would be easier to rent out house if your move is not permanent. You can be transferred to a different city temporary but with the hope of coming back after sometimes. Renting the house would be more easier than selling it and buying another home when you come back especially if you loved the house. This move also enables you to avoid selling it with no capital gains.
You can also use the rented space as a wise way of saving for your retirement. Mortgage interests and repair cost works as a good way of avoiding tax on the income you get from the house. During retirement,you can sell the property and use the money to fund other projects. The house can also be kept as an income generating project if you have not finished paying your mortgage. You can avoid the stress that most landlords experience if you rent your retirement income generator property on long term lease basis.
Renting out your extra space could also be a way of building a business. Renting out the extra space can generate income enough to buy another property. Owning a chain of properties and earning a lot from them is possible if you do this for some time. The wise way to make sure that the properties business is profitable is keeping a number that can be easily serviced.
More information: click reference