Renting out a house can be a great way to earn some extra income on the side. While there are many options available for renting, choosing a long term rental arrangement can work out nicely for both the homeowner and the renter. However, there are some things you’ll need to do first to get your home in rent-ready condition. Working with a property manager in Las Vegas is a good way to prepare your home for a rental and ensure you take all the appropriate steps and actions necessary to start renting out your home.
Why Rent Out Your Home?
There are several reasons why you may want to consider renting out your property, including if you have an extra in-law suite in your home, you have a separate guest cottage on the property, you own a duplex and want to rent out the home for some extra cash, or you have inherited or otherwise acquired a home, but you don’t want to sell it or live in it just yet. Additionally, many people view owning a rental property as a business investment. However, becoming a successful landlord is not quite as simple as buying a property, renting it, and reaping monthly income as a result. If you are serious about wanting to turn your property into a good source of revenue, property managers in Las Vegas can provide the tips and guidance you need to make your home a worthwhile investment.
Consider Your Situation
The amount of money you choose to spend on your rental property also influences the rental situation you may end up with. Although it is generally more expensive to have a separate rental unit from the main house, many landlords prefer that arrangement to reduce the annoyances that often come with sharing close quarters with a tenant. If you have a potential rental unit on your property, such as a cottage or other habitable structure, you may find that it’s worth putting in some extra money upfront into fixing up the place so that it is more appealing for a long-term renter. If you need help getting started, and you’re wondering “where can I find a property manager near me” to help out, contact The Mor Group for advice.
Why Rent Out a Property Long-Term?
Deciding on how long you want someone to rent out your property is a key consideration as you plan to become a landlord. For a number of reasons, finding someone to rent out your property on a long-term basis is a great option.
Some of the main advantages of a long-term rental include:
- Steady source of income
- Renters pay the utilities
- You can work with a property manager
A tenant pays down the mortgage while the property appreciates and then they have a free and clear property once the mortgage is up
A major benefit of renting to long-term tenants instead of opting for short-term rentals is that you can estimate income and have a practicable source of revenue month-to-moth.
Another advantage of renting out your property for a more extended time is that you’ll be able to offset the cost of utility payments. Renting a property long-term means that payment for the utilities can become the tenant’s responsibility. While the expenses may not seem to be that much, they add up to be a fair amount of money over the course of a year or more.
Finally, securing a long-term rental means you can start working with property managers in Las Vegas to deal with your rental. A property manager can help you out with all the main aspects of renting your property, including finding potential renters, making sure your rental agreement abides by all governing laws and taking care of issues such as maintenance and repairs.
Make Sure You Have Insurance
While a Las Vegas property management company can help out with some of the most tedious aspects of a rental, you will still want to speak with an insurance agent before you sign a rental agreement. An insurance agent can advise you on how much insurance coverage you will need on your property once you start renting it out full-time. It’s a good idea to have higher liability, even if only renting out a portion of your home. There are several ways you can get additional protection for your property, including getting a rider for your existing home insurance or increasing the coverage on your property. Additionally, the insurance that you get will depend on what part of your property you are renting. Along with homeowners insurance, you may want to consider getting landlord insurance for your property. Landlord insurance can cost up to 20% more than homeowners insurance, but it can provide you with some additional benefits that homeowners insurance doesn’t necessarily cover, including repairs due to natural disasters or damage caused by tenants. You’ll also get coverage against the loss of rental income in certain situations, liability coverage, and general property damage. Other optional policies are available, which a Las Vegas property management company can describe.
Work With The Pros
Along with hiring a property manager in Las Vegas, you will also want to work with several other professionals, including attorneys and accountants. An attorney can help you out with any local property regulations, draft a rental agreement, and help out with any problems that arise, such as disputes or if you need to evict a tenant. An accountant can help you file your taxes for the property and let you know if there are any tax deductions that you may qualify for. An accountant can also let you know if any changes to the tax code affect your rental property finances.
If you are ready to take the next steps in looking into renting your property and you’re wondering “where can I locate a property manager near me?”, contact the helpful staff at The Mor Group today for assistance. You can call or visit The Mor Group’s website to learn more.
