Several Value-Conserving Strategies
There are a lot of ways to save money as you manage your property; you might install sustainable energy infrastructure of the “green” variety, as a for-instance. While this is a great way to conserve resources, and it does expand property value, there is perhaps a better way. Property that sits derelict slowly degrades over time. Maintained property lasts much longer.
If you rent out your property, you’ll be able to draw a regular income from your renters while simultaneously ensuring the property doesn’t degrade slowly over time as it sits unused. If you’re living on the property, but can partition a portion off to a renter, you can likewise save on recurring costs over time.
Another solution would be to institute a cost-effective remodel which brings more value to your property than the actual cost of the remodel. If you’re not careful though, you’ll end up being in a very trying situation which may be ongoing. Oftentimes it takes a while to complete a remodel, and they’re famous for being more expensive than projections.
The Dark Side Of Renting
But there are downsides to renting, also. One of the biggest ones is the fault of technology. Sites like Airbnb allow those who have access to a space to list that space on the internet for travelers. This is technically subletting. Even if your tenant only does it once or twice a month, the consequences could be disastrous.
All that needs to happen is for some itinerant traveler to come through Airbnb and decide your property is expendable. You never know what kind of people are renting through such sites, and neither do your tenants. Odds are, if they’re subletting via Airbnb, they’re having their own financial troubles.
It can be hard to tell whether or not a tenant is doing something like that, however. You can’t just keep a vigil on the street corner with coffee and donuts in your car like some detective on a stakeout. You’ve got a life to live, too. Also, tenants subletting via Airbnb are likely discreet, meaning they’ll be on the lookout for you.
So, use the service provided by SubletAlert.com which will allow you to discover if a tenant is illegally subletting one of your properties and notify you quickly by email if it turns out to be true. This can give you legal grounds for eviction, and you can find a better tenant for your property.
A Golden Opportunity
As a landlord, you’ve got the opportunity to experience serious, steady, sustainable income over time with even a medium-sized property. But to see that, you’ve got to be proactive about how you manage the property. You’ll need to find sites that can help you monitor tenant actions, you’ll need to perform regular maintenance, and you’ll need to find the right tenants.
While in most cases it’s better to have any tenant than no tenant at all, there are situations where you’d be better advised just to let your property contend with the elements solo. Regardless, there is definitely a balance to be had.
Still, renting property can be just the right financial push you need to be in a position where you can acquire other, better properties, and branch out into full-time management. You’ve got to start somewhere. If you go into it with protective measures beforehand, you’ll be able to nip little problems in the bud and experience greater success.
Today’s real estate market is uncertain, and this has prompted many to live a monthly lifestyle that usually relies on rental property for housing. If you’re proactive enough, you can naturally capitalize off this in a safe way that ultimately costs you very little.
Maintaining Your Investment Property Value Over Time by Jamie Richardson | Realty Biz News