If you’ve been considering leasing your Hollywood Hills home or estate there are a few things to know. Luxury leasing is on the rise and folks looking to rent to own or lease to own, are becoming more popular enticing homeowners to consider a lease option with their property before selling.
Considering a lease option for a luxury homeowner can be a lucrative experience and a way to make money through renting out your property. The sales of luxury homes across the country have been increasing dramatically as well as the prices for luxury real estate. His higher return for luxury homeowners has become quite beneficial to many folks looking to lease their homes and eventually sell. The benefits are numerous but there are some details that luxury homeowners should be aware of.
When leasing your Hollywood Hills home it’s important to understand liability insurance. You’re technically going to be a landlord and that means the potential risk of a lawsuit. If you are a high profile target in legal circles, you could be perceived or pigeonholed in a certain way by potential adversaries. It’s important to have a well-designed insurance policy to protect your property from any loss, burglary, vandals, or lawsuits.
Liability insurance can provide losses or injuries caused to others because of defective conditions in your home. It could also protect against damage to the rented premises and protect your property’s value in case you want to sell it after the tenancy and the tenant decides not to purchase the property.
When leasing your Hollywood Hills home you’ll need to be concerned about the condition. You have to ensure that it complies with tenant’s expectations including workable appliances, up to code wiring, plumbing, gas piping, heating, and HVAC systems. More often than not, I find that tenants will tend to treat a home as their own if the property is well looked after. As long as you plan on maintaining the property in good working condition, you should have decent tenants.
Use a professional.
Renting out or choosing a lease option on your luxury home may seem simple but it’s important to consult a professional to make sure that you are abiding by any property rules and tax laws. These laws and regulations can change on a dime so it’s important to understand if you qualify for certain tax deductions and make sure you are in compliance with all the local laws.
Ready to lease out your Hollywood Hills home? Have more questions? Feel free to contact me below at any time.
Contact me below for more information on luxury lease options in LA or to list your home as a luxury lease.
Mobile818 445 9557
Office310 275 2076
More Resources for Home Sellers:
- 4 Major Condo Buying Tips
- How to Sell an LA Home
- How COVID Has Affected the Hollywood Hills Real Estate Market
- Top 5 Qualities you Want in a Luxury Real Estate Agent
- Leasing a Luxury Home in Malibu