It is not an easy task for everyone to become a landlord but you will definitely enjoy when you achieve It. People prefer becoming landlords because it is a long-term form of investment which gives the investor passive incomes. You can consider renting the extra space that you don’t use on a long time net lease basis. The advantage of long term net lease properties to the landlord is that most of the responsibilities such as paying for tax,insurance and maintenance fees are shouldered on the tenant. 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. The income you get from renting your extra space can be used to move to another house if you want to move to a house closer to your job. The short term lease would be best in such situation because you may consider selling the property later.
People prefer renting their houses when they plan to come back later. Consider finding tenants for the house if the move is not permanent. Some transfers to other stays don’t stay for long. Renting the house would be more easier than selling it and buying another home when you come back especially if you loved the house. By using this move, you can also avoid selling it at no capital gains.
Renting out the extra space is a wise way to save for your retirement. Mortgage interests and repair cost works as a good way of avoiding tax on the income you get from the house. The propery can be sold at retirement and the money used for other projects. When you have not finished your mortgage at retirement, you can keep the house as an income generating project. The best way of renting a house meant for income generation during retirement is on long-term lease because you can avoid the stress associated with being a landlord.
It is also possible to build a business from renting out your extra space. Income generated by renting the extra space you have can be used to buy another property. Owning a chain of properties and earning a lot from them is possible if you do this for some time. Keeping a number of properties that can be easily serviced is a wise way of making sure that your properties business is profitable.