Reasons Why People Rent the Extra Space.
The tast of being a landlord is not simple but it’s rewards are very sweet. 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. You can consider renting the extra space that you don’t use on a long time 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. Unlike other rental properties landlords in long -term net lease properties, will not have to deal with the stressful maintenance issues.
The number of new home buyers today have reduced because wages are not rising at the same rate at which the cost of housing is rising. 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. Selling the home and finding another one when you return would be more difficulty than finding a tenant for the home.It would be more easier to find a tenant for the home than selling it and finding another home when you return. It will also prevent you from selling the property at and 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. You can also keep the house if you have not finished paying your mortgage and continue collecting income from it when you retire. It is advisable to rent houses intended for income during retirement on long term net lease basis so as to avoid the stress associated with being a landlord.
You can also consider renting out this extra space as a business building method. Renting out the extra space can generate income enough to buy another property. By doing this for some time ,you can be owning a chain of properties giving you huge returns. The wise way to make sure that the properties business is profitable is keeping a number that can be easily serviced.