If you’ve ever thought about going on a lavish vacation where you can enjoy all the perks of living like royalty, then you are not alone. Many people plan dream vacations, especially in coastal areas such as Los Angeles. While hotel rooms were once the go-to spot for vacationers, many are turning toward both short-term and long-term rentals. A home away home if your will. With benefits such as additional bedrooms, backyards and outdoor entertainment, and beautiful chef kitchens, it is easy to see why many people are choosing to lease luxury homes and foregoing the traditional hotel suites.
While the list of benefits for the renter seems unending, there are many added benefits for the homeowners as well, should they choose to use their home as a rental. Whether you choose to lease your home short term, or for a longer time frame, two of the most talked-about benefits when leasing your home include the income potential and the upkeep and maintenance of the house.
If there is one perk that seems to be the biggest highlight when leasing your home, it is quite simply, income. Whether you are hoping to save up for a college fund, travel the world, or take a vacation of your own, leasing out your home can provide substantial income potential. Both short-term and long-term leases can provide adequate income allowing you more financial freedom than before. When leasing your home, it is important to factor in costs such as cleaning fees after your tenants have vacated and use those when either establishing a rental amount or billing a cleaning fee and having that written within your lease terms.
House Maintenance and Upkeep
While you can always hire a landscaper, groundskeeper or a cleaning company to keep up on the appearance of your home, some things are simply better when used on a daily basis such as faucets and appliances. By leasing your home, you are ensuring that your home is being used in the way it was meant to be used which will help keep things working properly. While you may choose to continue regular services such as a groundskeeper, your risk of a bursting pipe, or even potential theft threats, are diminished greatly by leasing out your home.
As with all rentals and leases, be sure to have your lease agreements reviewed by a team of lawyers to ensure that your agreement is aligned with rental laws and that you as the homeowner are protected should anything go array during the lease period. Once you have leased out your home a handful of times you will get the hang of it and be able to make any adjustments needed to ensure that both yourself and the renters are getting the best deal possible and enjoying the perks of the lease to the fullest.
If you’re currently searching for a new home, whether to use as a rental or primary residence, are in need of a highly qualified seller’s agent to help you list and market your property, or if you have any questions regarding Los Angeles Real Estate, please feel free to contact our office at any time.
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