Whether you need money to put your kids through college or pay for a new car, you can always use an additional source of income. And when it comes to making extra money, one way you can go about it is by renting out your property.
If you are not renting out your current residence, choose a location in a safe neighborhood with good schools when buying a rental home as an investment. Having a rental in a good, safe neighborhood can bring you higher rental income.
Are there schools near your property? Is there a church, a mall or recreational areas nearby? These are just some of the things you have to find out. Remember that the more you know about your property, the better you can advertise it.
You can even hire a real estate agent that can help you better advertise you rental. Make sure you write everything you or your future possible tenants might find appealing, such as having air conditioning or a large garage.
Pay extra attention when establishing your competitive rent. Take enough time to inquire about other quotes for nearby residences or even ask your real estate agent to throw you a hand and tell you the average rent on the market in that particular area.
You can increase your rent and, thus, your regular monthly income, by adding some great amenities that will even raise the value of your property. If you have a great clean apartment, with lots of important facilities and even additional one that boost comfort, you are sure to get better rents.
In addition, a real estate agent can help you advertise your property and more importantly, find you a good tenant who can pay on time. The last thing you need is to have problems with a tenant.
Ask for a security deposit in case something goes wrong. Plus, make sure you include everything you need in the lease and evaluate the rent on a regular basis to avoid any problems.
If you are not renting out your current residence, choose a location in a safe neighborhood with good schools when buying a rental home as an investment. Having a rental in a good, safe neighborhood can bring you higher rental income.
Are there schools near your property? Is there a church, a mall or recreational areas nearby? These are just some of the things you have to find out. Remember that the more you know about your property, the better you can advertise it.
You can even hire a real estate agent that can help you better advertise you rental. Make sure you write everything you or your future possible tenants might find appealing, such as having air conditioning or a large garage.
Pay extra attention when establishing your competitive rent. Take enough time to inquire about other quotes for nearby residences or even ask your real estate agent to throw you a hand and tell you the average rent on the market in that particular area.
You can increase your rent and, thus, your regular monthly income, by adding some great amenities that will even raise the value of your property. If you have a great clean apartment, with lots of important facilities and even additional one that boost comfort, you are sure to get better rents.
In addition, a real estate agent can help you advertise your property and more importantly, find you a good tenant who can pay on time. The last thing you need is to have problems with a tenant.
Ask for a security deposit in case something goes wrong. Plus, make sure you include everything you need in the lease and evaluate the rent on a regular basis to avoid any problems.
About the Author:
The author has been blogging with respect to home rentals for the past two years. Moreover, this author takes pleasure in contributing information on NYC real estate topics, including Greenwich Village apartments as well as Gramercy apartments NYC.
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