Work with Top Luxury Home Leasing Agents in LA – There is currently a high demand for luxury leased properties in Los Angeles.
The luxury real estate market is certainly been on a roller coaster ride thanks to COVID-19. Luxury leasing options are all the rage and becoming more in demand than ever before. Whether it’s corporate housing, furnished apartments, condos are single-family homes throughout Hollywood Hills, Bel Air, Beverly Hills, and other high-end luxury markets, the demand has never been higher for luxury leasing and this is where homeowners can really cash in.
If you are currently a luxury homeowner, meaning that you own a home in the Los Angeles County area worth at least $5 million-plus, it could be a great way to make some extra money through renting or leasing the property. While no one wants a tenant that defaults in payment or causes other problems, having a leased option or even a lease-to-own option is an excellent way to bank some cash and write out this unique pandemic climate.
Before choosing a luxury lease, there are some things you need to consider, both about your finances and the house. There are many benefits to lease your home and sales of luxury properties across the US have been hitting records the past few years and prices for these homes have also increased significantly. This indicates a higher return for homeowners that would like to turn their homes into rental property and a money-making cash cow.
Related: Benefits of Leasing your Luxury Home
Three items to consider when choosing to rent out luxury leased properties:
This is your home and whether it’s your primary home or not, someone else is going to be occupying it and it’s important that you understand and maintain the proper liability insurance. Being a landlord can be a severe target for rental scams and lawsuits so you’ll need to protect yourself, especially if you are a high-profile target in legal circles.
If you are not cautious, you could be perceived by the tenant and potential adversaries as a target so you’ll need to have a well-designed insurance policy written by a lawyer to protect you and your property from any loss, vandalism, default, and of course, natural disasters.
A liability insurance policy on your rental property will provide the insurance you need. You want to look for the best possible price without neglecting any coverage. Most insurance will cover losses and injuries due to someone else being on your property if you are the homeowner and you occupy the property, but liability insurance is put in place for when you don’t live there. Such policies can protect you against damage to the rented premises and can protect your property’s value when you choose to sell the property.
The condition of the property.
I’m not talking about whether the property is furnished or just fantastic or not, but before you rent out the property you must ensure that it complies with tenant expectations. Are you leaving appliances, will they be handling the utilities, all of these items including HVAC systems need to be in good working condition. You’ll want to do a complete service on the property before deciding to list it. If the home looks like it has been treated well, the right tenants will treat it as their own as well. This also may mean that after the lease or tenancy, The property may be in the same condition as when you left it.
Use an expert
Regardless of whether you are renting out a $2000 apartment or $2 million luxury home, the use of a professional property management team is essential. Enlisting your luxury rental property and ensuring you get the right tenant requires time, effort and knowledge, which is why it is ideal to consult top leasing agents that not only know the market but the property management side as well and may have screened and appropriate tenants ready to go.
Again, it’s important to use an expert and understand all of the liabilities and issues that can be associated with leasing your luxury property. However, this is a great way to bank some extra cash and create a monthly cash flow that can ride out the tide of this unique economy. Contact me below at any time for information on leasing your luxury property and how to get started.
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