Living in Beverly Hills is a remarkable experience, especially if you own a home. So when the circumstances force you to relocate, you may not be willing to let go of your beautiful home in Beverly Hills Flats. While you can keep your property in the neighborhood and move away, a way better option is to rent out your home instead.
By leasing your home in Beverly Hills Flats, you will not only retain its ownership but also generate an additional monthly income. However, before you hand over your home to a new tenant, take note of the following things that you must remember.
Researching the Market is Important
A rental property will only benefit you when you smartly plan out and determine a rent that is worth the value of your property. To be able to do this, you must observe the real estate market in Beverly Hills and understand the rental trends in your neighborhood. Look at rental properties around your home and inquire about the average rent rate in your local area.
To decide what to base your rent on, consider factors like:
- Number of bedrooms
- Total number of rooms
- Square footage of the house
- Any renovations or additions made to the house
- Condition of the indoors and outdoors of the house
Your Property Should Be Appealing
When putting up your home for rent, remember to work on enhancing its appearance. Most prospective renters look at multiple housing options before settling for one. Believe it or not, a great first impression goes a long way. To attract high-rent paying tenants, make your home look like one that reflects comfort and lavishness. To do this, consider:
- Carrying out necessary maintenance checks
- Repairing or replacing faulty electrical appliances
- Clean, dust, and wipe the floors and ceilings
- Rearrange your furniture
- Paint your walls with neutral colors
- Spruce up your garden
- Add in a few complimentary amenities such as a pool table
Think About Your Financial Feasibility
Leasing your home in Beverly Hills Flats is an interesting way of getting a return on investment and paying for mortgage fees. But don’t assume that a rental income will give you plenty of money to play with. Before taking any major steps, think about how making your home an investment property will affect your finances. Don’t forget to consider:
- The additional costs that you’ll have to bear as a landlord, including maintenance
- The taxes you’ll be liable to pay such as the capital gains tax
- The cost of putting up your home for rent such as the advertising fee
- Making a plan for any financial emergencies, for example, tenants vacating the property uninformed or not leaving despite the end of the contract
- The property depreciation and its effect on the overall value of your home
Do a Financial Check of the Prospective Tenant
Doing a screening of prospective tenants is extremely necessary because it gives you an idea of whether they will be able to pay the rent on time or not. You may ask them for a credit check or referrals from their landlords in the past. The aim of this is to determine the level of commitment and honesty of the renters.
Get an Insurance Coverage
Even though you may not reside in it, a rental property will still be under your ownership. So any mishap or natural disaster that damages your home will eventually result in your financial loss. Landlord insurance can cover up for losses that happen due to rental default or tenant damage and save you from bearing any additional costs.
Property Managers are Beneficial
You will be tempted to manage your property on your own. But while you do so, remember that hiring a credible property manager will make the strenuous process easy for you. Pezzini Luxury Homes is a leading property management company in Los Angeles and has helped homeowners get in touch with reliable tenants.
The experienced property managers at Pezzini Luxury Homes will not only give you a better idea of the pricing, but will also search for suitable tenants, manage any disputes, and conduct reference checks. To lease your home in Beverly Hills Flats at an amazing rate, dial 1-310-275-2076 right away!