Many homeowners and real estate investors want to rent out their properties and homes to make some extra money. Home rentals, whether vacation rentals or long-term, can do a lot to help you make money, especially if you won’t be using a home or property for yourself at this time.
How much time you have
How much time do you have to work with? While renting out a home isn’t as time demanding as running a business, for example, there are still plenty of things you need to stay on top of, such as rent payments, damages, repairs, tenant communication, and also finding the right tenant and running landlord criminal background checks. If you have the time to spare, then it could be the best year to get started.
If you have extra income sources
If you have extra income sources, it could be time to rent your property. If you’re hoping to just live off of the rent of your home, you may want to be careful with this.
Unless you’re renting a large space in a very popular location, you may not make that much off of your home if you’re setting aside money for the mortgage and repairs. It’s always best to have multiple means of income when you choose to start renting out your home.
If the market is hot
If you’re living in a city where you can get a big bang for your buck, it could be an excellent time to rent your home. Whether you’re hoping to travel or simply want to make some extra income, benefiting from a hot rental market is the way to go if you have a great spot in a coveted location of a busy city.
Speak to your realtor to find out if now’s a good time to rent or sell your home. They typically know the market better than most and can give you valuable insight on when would be best to get started in renting your house.
If you hope to travel a bit
If you have plans of traveling extensively, you may be considering the idea of renting out your home. This is an opportune time to make extra money when you won’t be living in your home.
If you only hope to travel for a few months, consider the benefits of renting out your home on a vacation rental platform, instead of for a long-term lease. In many cities, and at specific times of the year, this could make you more money than you’d earn with a year-long rental.
If you can hire a property manager
If you’re someone who is busy with your main career or you’ll be living in another city for a time, do you have the capital to hire a property manager? They can help “run the show” while you’re busy with other things, taking care of everything from managing repairs, contacting third-party services, and handling rent payments.
Even if you still want to be involved in some way, if this is the first time you’re renting your house, you may appreciate the support that a professional can bring to the table. You can learn how to expertly manage your rental for years of landlord success in the future.
Renting out your home could bring in some great extra income. If you’re hoping to beef up that savings account or help pay off some debt, renting your home as an additional way of making money can be really beneficial. Just keep in mind that the timing should be correct, and you want to be careful about getting the right tenant as well.