Photo by Erik Mclean on Unsplash
Letting out your property can be an excellent way to generate extra revenue and take full advantage of an asset you already own. From traditional long-term leases to using it as a film set, in this blog we will look at some of the different ways renting out your house will bring in more money.
Long-Term Residential Lease
For homeowners, one of the more traditional options for renting their property is long-term rental lease agreements. These provide stability and a consistent income over an extended period, which is typically 6 to 12 months. This option works well if you prefer less turnover and hands-off management of your rental. Make sure you thoroughly screen the tenants before signing, and make sure that it’s a solid lease agreement that covers all possible scenarios. Or consider hiring a property management company if you do not have a lot of time.
Perks
- Consistent and predictable income.
- Less frequent maintenance and tenant changes.
Things to Remember
- Legal obligations like rental laws and tenant rights vary by location.
- Property maintenance remains your responsibility unless delegated.
Short-Term Vacation Rentals
Platforms such as Airbnb and Vrbo have changed the rental market. Short-term vacation rentals can be a great way to rent your house to tourists who are visiting the nearby spots or cities. Renting to short-term travelers gives you flexibility by allowing your property to be rented for days or weeks at a time without making long-term agreements with tenants.
Perks
- Potential for higher nightly rates compared to long-term leasing.
- You maintain access to the property when needed.
Things to Remember
- Regular cleaning and upkeep are important between stays.
- Local regulations may restrict short-term rental operations.
Renting to Students
If your property is close to a college or university, renting out rooms directly can be a great way of making more money from it. Academic calendars usually dictate shorter rental terms, giving landlords greater flexibility with renting by room rather than leasing for longer. Renting directly can also boost the earnings a lot.
Perks
- High demand in university areas.
- Opportunity to lease out multiple portions of the property individually.
Things to Remember
- Higher wear and tear may require frequent renovations.
- Parental co-signers can help mitigate risk.
Renting for Filming
Do you live in a home with character and that has an amazing view? You can easily get it listed by searching “rent my house for filming.” Production companies are always on the lookout for unique locations for shooting commercials, movies, or TV shows. When renting your house out as a filming location, it could become an opportunity to make a lot of money without a long-term contract.
Perks
- High earnings per day, depending on the project.
- Your home’s unique character could become part of cinematic history.
Things to Remember
- You may need to vacate the house during shoots.
- Protecting your property from damage often requires specific insurance.
Conclusion
When it comes to renting out your house, the options can be as diverse as the owners themselves. From traditional long-term leases to short-term vacation rentals or sharing your space for filming, there is an option that fits perfectly with any property and homeowner. Consider your goals carefully when making this decision, as each option could give you additional income potential from your property.
