Is Renting Smarter Than Buying Your Home?

Now is the right time to own rental properties! This has to do with the fact majority of people are considering rent over buying a home, most often because it better fits their personal or financial situation. To benefit on the number of renters in the market currenty, it’s pivotal to assimilate why so many people find it wiser to rent instead of buy. In the following paragraphs, we’ll present some essential insights on this question and definite tips designed to help property owners like you profitably gain from the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For most people, the option and choice to rent instead of buy is based on some factors. While some of these reasons may indeed be personal, there are a handful that many people who prefer to rent their homes share. These include:

• No additional costs. A lot of tenants find renting attractive on the account that it helps them stay away from the extra costs that accompany homeownership. Typically, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many appreciate knowing how much their monthly housing will cost and spending their overflow income on other things.
• Access to amenities. Another common reason to rent is to get access to particular amenities. As an illustration, getting a rental home near a downtown arts and culture center may be not as difficult as buying one. Other amenities tenants look for involve public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Various renters like leasing their homes insofar as it gives them more flexibility and freedom than getting their own. Many renters seek to know they can choose to move if needed. Others quite like not worrying, in the least, about their property values or being able to downsize if their situation changes.

Appealing to Long-Term Renters

Leasing to people who want to rent instead of buy may make it necessary for you to shift your standard approach to renting your property. It is worth establishing even minor changes, absolutely if it helps you optimize your rental income.

To maximize your rental property’s potential, landlords and property owners should:

• Update and upgrade regularly. People lodging in a rental home for a certain time seek to make sure that the house will be appropriately maintained and updated regularly. By actualizing a few small but key updates on a schedule, you demonstrate to your tenant your concern for their delight and well-being, and subsequently, prompt them to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people can meet or be entertained, completely make sure to include these things in your marketing materials. Supplementarily, depending on your renter demographic, think of endowing essential add-on services your tenant is most certainly willing to pay extra for, including internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Think about giving lease terms that are attractive to long-term renters, for a case in point being flexible with lease lengths or allowing pets. Other extras to integrate are an easy renewal process and hassle-free rental payment options.
• Use a good property management company. Last but not the least, one of the most reliable methods to attract and keep quality tenants in your rental property is to hire a professional property management company in your area and domain. Real Property Management’s local market experts can competently help you plan and budget your property maintenance and repairs, apply updates, and find tenants who will wish to stay in your rental long-term.

To figure out more in regard to what Real Property Management Folsom Lake can expertly offer homeowners in El Dorado Hills or nearby, call 916-850-2844 or contact us online today!